Richard Thaler

The Behavioralizing of Economics

Richard Thaler

Talk: The Behavioralizing of Economics

Economist Richard Thaler visited Google's office in Cambridge, MA to discuss the topic "The Behaviorializing of Economics: Why Did It Take So Long?". The talk is an introduction to his book "Misbehaving". He points out that economic models are based on ideal entities he calls "econs". But maybe economic choices are made by entities we might call "humans".

Richard Thaler

Dr. Thaler is an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. His previous books have sold millions more copies than yours or mine.

The Behaviorializing of Economics: Why Did It Take So Long?

Why are we more likely to forgo the opportunity to sell a £100 bottle of wine rather than actually taking money out our wallet to pay for it, when ultimately the 'opportunity cost' of doing so is the same? Why would the 'endowment effect' mean that we value a free ticket worth hundreds of pounds more than the money we would get from selling it?

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