Irrationally Rational: Ten Nobel Laureates Script the Story of Behavioural Economics

You and your friend each have flights to catch at 8 p.m. and your destination cities are different. You decide to share a cab, but get caught in a rare traffic jam lasting several hours. You end up at the airport around midnight, and surely enough, both of you miss your flights. All quantifiable consequences of missing the flights-cost of tickets cancellation, paying for a new ticket, taking a cab back to the city, overnight stay, taking a cab back to the airport next morning, etc.-are expectedly identical for both. Now suppose the airline assistant tells you, 'Sorry, your flight left as scheduled at 8 p.m. sharp.' But your friend is told, 'Oh, how very unfortunate. Your flight was almost four hours late and only just departed!' Who feels the greater disappointment? You or your friend?

Publisher: India Penguin
Published: 07/24/2022
Pages: 328
Weight: 0.79lbs
Size: 8.40h x 5.20w x 0.70d
ISBN: 9780143458166

About the Author
V. RAGHUNATHAN (popularly, Raghu) is an academic, author, corporate executive, columnist and a hobbyist. He is currently an adjunct professor at the Schulich School of Business, York University, Toronto, Canada. He was a professor of finance at Indian Institute of Management Ahmedabad for nearly two decades. He was also the president of a large private bank, first Vysya Bank and then ING Vysya Bank, Bangalore. For the next fourteen years, he headed GMR Varalakshmi Foundation-a large corporate foundation-as their CEO, and also served as the director of the India campus of Schulich School of Bus