Misbehaving: The Making Of Behavioral Economics Access

: A friend of Thaler’s owned a bottle of wine he bought for $10 that was now worth $100. He wouldn't sell it for $100, but he also wouldn't buy another bottle at that price. This illustrated the Endowment Effect —we value what we own more than what we don't.

: A hardware store raising the price of snow shovels during a blizzard might make "economic sense" to an Econ, but it makes real Humans feel cheated, damaging the store's reputation—a concept of fairness traditional models ignored. The Struggle for Acceptance Misbehaving: The Making of Behavioral Economics

The book's central "plot" revolves around a battle between two species: : A friend of Thaler’s owned a bottle