Why Do Winners Lose? Nobel Economist Richard Thaler Explains

Описание: In this episode, Richard and Alex talk about The Winner’s Curse and what it teaches us about human behavior and decision making. They explain how people often overpay in auctions and why winning can sometimes mean losing.

They also discuss the ideas behind Richard Thaler’s book “The Winner’s Curse” and how it shaped modern behavioral economics. You’ll hear simple examples and real stories from sports, business, and daily life. Everything is made easy to understand for everyone.

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⏱️ CHAPTERS:
00:00 - Introduction & The Winner's Curse Concept
04:03 - The Winner's Curse Bar Game Explained
10:17 - Prisoner's Dilemma & Split or Steal Game
19:57 - The Ultimatum Game & Fairness in Decision-Making
26:39 - The Endowment Effect & Wine Story
33:42 - Loss Aversion in Golf (PGA Study)
36:29 - Time Discounting & The Faulty Telescope

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👇 Here's more on our guests:

💡 About Richard Thaler

Richard H. Thaler is the 2017 recipient of the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics. Thaler studies behavioral economics and finance as well as the psychology of decision-making which lies in the gap between economics and psychology. He investigates the implications of relaxing the standard economic assumption that everyone in the economy is rational and selfish, instead entertaining the possibility that some of the agents in the economy are sometimes human.


💡 About Alex Imas

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science.

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Why Do Winners Lose? Nobel Economist Richard Thaler Explains

#richard #auctiontips #behavioraleconomics #decisionmaking #selfawareness