An Introduction to Behavioral Economics, 3rd Edition

With new material on neuroeconomics, as well as applications to current political and economic developments such as Brexit in the UK and polarization in the US, the third edition of An Introduction to Behavioral Economics expands, and brings up to date, this superb introduction to the field of behavioral economics. With their unique and interesting perspective, and engaging writing, the authors help readers share in the excitement of those currently working in the field. * George Loewenstein, Carnegie Mellon University, USA *An Introduction to Behavioral Economics, by Nick Wilkinson and Matthias Klaes, is an excellent introduction to behavioural economics from the perspective of economic psychology and the determinants of choice behaviour, building on the tradition established by Daniel Kahneman and Amos Tversky. Moreover, Wilkinson and Klaes present behavioural economics in the context of economic theory thereby linking behavioural economic insights with contemporary economic theory. They also pay some attention to the sociology of choice which further enriches their presentation and insights. This is definitely a book that should be read by anyone interested in behavioural economics. * Morris Altman, The University of Newcastle, Australia *A thoroughly updated third edition of this popular textbook which covers cutting-edge behavioural economics in a pleasingly engaging style. Students will appreciate the structure of chapters: after the Introduction to the field section, including the nature of behavioural economics and methodology, the Foundations section provides the fundamental groundwork, followed by Intertemporal Choice, and then Strategic Interaction, including game theory and social preferences, before the Conclusion ties everything together and considers the future of the field. Mathematics is used sparingly, and there are thoughtful pedagogic features that will aid learning. The breadth of coverage is impressive, ranging from evolutionary approaches, biology and neuroeconomics, to recent political events in the UK (Brexit) and elsewhere (e.g., the election of Donald Trump in the USA). This excellent textbook should inform and inspire students. * Philip J. Corr, City, University of London, UK *The third edition provides a superbly accessible introduction to behavioural economics, whilst ensuring a detailed examination of the theories and research studies underpinning them. The text remains at the forefront of theoretical development, whilst providing topical and engaging applications to hold students’ attention. * Piers Thompson, Nottingham Trent University, UK *This new edition of Wilkinson and Klaes’ excellent text is most welcome given my students’ very positive appraisal of the previous edition. The book’s strengths are its comprehensiveness, open approach to the issues behavioral economics raises, and methodology emphasis. Strongly recommended for advanced undergraduate and beginning graduate students. * John B. Davis, Marquette University, USA, and University of Amsterdam, The Netherlands *By now An Introduction to Behavioral Economics is firmly established in the field of behavioral economics. It continues to be a premier textbook despite the recent appearance of several competitors. The academic rigor and depth of coverage are unmatched. It is also an invaluable reference for which you will reach again and again. The reader will particularly appreciate the discussions of the bridges between behavioral economics, experimental economics, neuroeconomics, and psychology. Concise and comprehensive, a-must-have for any behavioral economics scholar. * Natalia V. Czap, University of Michigan-Dearborn, USA *

Nick Wilkinson is Professor of Economics at Richmond the American International University in London and has taught economics and finance in various international institutions in the UK and USA. He has also worked in business management in both countries and served as a consultant to many companies, mainly in the leisure industry. He has authored one book, ‘Managerial Economics: A Problem-Solving Approach’, published by Cambridge University Press. His research interests lie in behavioral economics, particularly in the implications of evolutionary biology and neuroscience for behavioral economics.

Matthias Klaes is President of the Scottish Economic Society and Convener of the Scottish Centre for Economic Methodology. He has published widely in organisational and behavioral economics and finance, and regularly acts as an adviser to both private and public sector bodies. His current research focuses on the behavioral dimensions of online marketplaces and digital finance.