In conversation about: Misbehaving: The Making of Behavioral Economics

[Speaker: Richard Thaler, Tren Griffin] Whether buying a new car, selling baseball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.

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In conversation about: Misbehaving: The Making of Behavioral Economics

Created 2 years ago

Duration 1:07:11
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[Speaker: Richard Thaler, Tren Griffin] Whether buying a new car, selling baseball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.
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Slide Content
  1. Introduction

    Slide 1 - Introduction

  2. Why that title? and cover?

    Slide 2 - Why that title? and cover?

  3. Why we keep making same mistakes?

    Slide 3 - Why we keep making same mistakes?

  4. How nudge related to?

    Slide 4 - How nudge related to?

  5. Man with hammer syndrome

    Slide 5 - Man with hammer syndrome

  6. Thoughts about intersection between machine learning and what you do

    Slide 6 - Thoughts about intersection between machine learning and what you do

  7. Examples of using nudge in  real world

    Slide 7 - Examples of using nudge in real world

  8. Importance of multiple discipline thinking and research

    Slide 8 - Importance of multiple discipline thinking and research

  9. Human bias and nudge

    Slide 9 - Human bias and nudge

  10. Recommendation of writing a book

    Slide 10 - Recommendation of writing a book

  11. Is there a reason why human needs to be nudged?

    Slide 11 - Is there a reason why human needs to be nudged?

  12. What are the areas excited you?

    Slide 12 - What are the areas excited you?

  13. Behavior economic and efficient market hypothesis

    Slide 13 - Behavior economic and efficient market hypothesis

  14. A corrupted youth!?

    Slide 14 - A corrupted youth!?

  15. Who is watching who here?

    Slide 15 - Who is watching who here?

    • Thoughts about Charlie Munger’s list of cognitive biases
  16. Sports in book, NFL example

    Slide 16 - Sports in book, NFL example