ADVANCE PRAISE FOR THE BOOK

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

Dr Raghunathan has provided an invaluable summary of leading contributions in behavioral economics and finance over the past several decades; the integration of various themes in a lucid manner in a single book facilitates a unique and comprehensive understanding of the subject matter and its practical applications. For those interested in how the human mind's functioning affects markets and the economy, Irrationally Rational, is unputdownable!

-   Viral Acharya, CV Starr Professor of Economics, NYU & former Dy. Governor, Reserve Bank of India

Raghunathan is a scintillating writer, with a fine turn of phrase. He skillfully elucidates  how economics, which started by assuming that human beings were rational, has today shifted to explaining why humans behave irrationally, not just as aberrations but systematically. "Irrationally Rational" is a witty, enlightening journey into the work of Nobel Laureates and others who have made psychology central to economics.

-   Swaminathan Aiyar, Editor Emeritus, The Economic Times

Dr V Raghunathan has always been an exceptional keeper of unusual narratives. In Irrationally Rational, he has once again excelled himself in making a daunting body of knowledge accessible to everyone. He does so with the wisdom of an erudite sense maker. This is a book to be read to know, to learn, but more than all that, to be enjoyed.

-       Subroto Bagchi, entrepreneur, author & public servant  

The discipline of economics has been as much about human behaviour as it has been about the social consequences of such behaviour. V Raghunathan has dived deep into what has come to be known as behavioural economics, offering an intellectually stimulating survey written with verve. A discipline that pretends to be a science has had to develop the art of understanding human irrationality and its social consequences. Raghunathan's lucidly written introduction to new developments in behavioural economics is accessible to anyone interested in economic policy and its social impact.

-          Sanjaya Baru, economist and former Chief Media Advisor in the erstwhile PMO)

"A wonderful introduction to economics as a social science. Prof. Raghunathan brings alive the fundamentals of theory of choice and behavior through delightfully simple and accessible language and anecdotes that will be hugely enjoyable to casual and discerning readers alike."  

-       Sahil Barua, CEO and co-promoter, Delhivery

The distinctive feature of the book is the manner Raghu has woven the decisions we make every day with the ideas and frameworks proposed by a galaxy of Nobel laureates. The book is an excellent read to persuade us that the foibles in our repertoire of behaviour have rational explanations after all!"

-    Samir Barua, former Director, and Professor, IIM, Ahmedabad

Behaviour of economists and non-economists alike, is to use the buzzword of behavioural economics indiscriminately.  With his years of experience in communicating what is often abstract, esoteric and incommunicable, in comprehensible terms, Professor Raghunathan has written an engaging book.  It reads almost like a text-book, directed at the general reader, explaining insights of Nobel laureates who have probed such irrational behaviour

- Bibek Debroy, Chairman, Economic Advisory Council to the PM

"Irrationally Rational" is a tour de force introduction to the vast field of behavioral economics, a phrase that has become so ubiquitous that even dinner parties have not escaped from it. I found traditional economic explanations nicely intermingled with the recent behavioral explanations for a myriad phenomenon - marriage, stock market and competitive behavior. A must read for those who wish to elevate their game from a superficial to a reasoned understanding of behavioral economics."

-     S.P. Kothari, Gordon Y. Billard Professor of Accounting and Finance, Sloan School of Management, MIT 

Irrationally Rational makes for an excellent read, including for policy professionals, who can use the principles of behavioural economics - say in designing 'nudging' policies. Presenting the works of some ten different Nobel Laureates and their vast body of work in a mid-sized book is a difficult challenge, accomplished competently by the author.

-       Rajiv Kumar, Vice Chairman, NITI Aayog

"Behavioral economics is appealing because it is not esoteric: it's not about an academic dispute but a set of lessons about how we - all of us - make decisions. A book like this adds value b y making those ideas easy to understand."

-            Sendhil Mullainathan, Roman Family University Professor of Computation and  Behavioural Science, Chicago Booth School of Business, and Author of Scarcity

"Raghunathan explores in this book the new insights that hit us, if economists move away from the traditional assumption of 'rational' man.  He does so by analysing ten Nobel laureates whose writings have resulted in the emergence of 'Behavioral Economics'.  How much of the traditional theory needs to be modified in this context is what this book compels us to introspect.  Well written and cogently argued, this book should find a place in the library of every serious economist".

-      C. Rangarajan, former Governor, RBI, and   former Chairman, Economic Advisory Council to the PM

This is, as the author himself says in the preface, a very unusual book - neither a text book, nor a bed side read, nor a "unifying theory". It is a collection of learned essays on the works of twelve Nobel Laureates that gives the reader an excellent starting point to develop an understanding of Behavioural Economics. This is not a unputdownable book. This book has to be savoured by each chapter, and reflected upon. It will make you understand how you, and others around you actually make decisions. Rationally or irrationally, I learnt a lot about my own decision making in the process.

-          Ajit Rangnekar, former Dean, Indian School of Business, Hyderabad

Raghu has long known and taught that finance and economics is not the solving of a sum but the painting of a picture. This book is a wonderful manual for anybody struggling with the recent struggles of economics"

-       Manish Sabharwal, Vice-Chair and cofounder, TeamLease Services Ltd & Managing Trustee, New India Foundation

The choices we make are driven not by cold, rational calculation but by our emotions such as for example love, compassion, anger, ego and altruism. Raghunathan tells the fascinating story of how this profound understanding is reshaping economics. 

-      Duvvuri Subbarao, former Governor, Reserve Bank of India