Summary, Analysis & Review of George Akerlof's and Robert Shiller's Phishing for Phools by Instaread

PLEASE NOTE: This is a Summary, Analysis & Review of the book and NOT the original book. Preview: In Phishing for Phools, George Akerlof and Robert Shiller explain the economics of fraud by incorporating fraudulent and unfair transactions into free-market economic models. Conventional economic models that presuppose a free market often assume that customers make decisions based on their long-term interests. They posit that the market moves toward an equilibrium in which every legal opportunity to make money is being utilized. A behavioral model of the free market includes “phishing” transactions, which are in the seller’s best interest but not the buyer’s. In a market at equilibrium in the real world, sellers have many opportunities to deceive customers. Economic models assume that customers buy things that benefit them, based on solid information and a budget, but a realistic model recognizes that customers also make choices based on more impulsive, short-term, and emotional factors. Wherever customers are vulnerable or short-sighted, a phisher is likely to step in and exploit that vulnerability… Inside this Summary, Analysis and Review of George Akerlof's and et al Phishing for Phools by Instaread: About the Author: With Instaread, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience. Visit our website at instaread.co. Author - Instaread. Narrator - Sam Scholl. Published Date - Monday, 29 January 2024. Copyright - © 2017 Instaread ©.