Summary, Analysis and Review of George Akerlof's and et al Phishing for Phools by Instaread
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…
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Inside this Summary, Analysis and Review of George Akerlof's and et al Phishing for Phools by Instaread:
· Overview of the Book
· Important People
· Key Takeaways
· Analysis of Key Takeaways
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