How to Spend Your Time and Money Better (with Nobel Prize Winner Richard Thaler)

In this episode of The Happiness Lab, Dr. Laurie Santos interviews Richard Thaler, a Nobel Prize-winning economist, and Alex Imas, a professor of behavioral economics, about the updated version of Thaler's book, "The Winner's Curse." They discuss anomalies in human behavior that deviate from the standard economic model of rational actors. The conversation covers topics such as the winner's curse in auctions, the tendency for people to be more cooperative than expected, inertia and status quo bias, the defective telescope effect on future planning, mental accounting, and the challenges of predicting future preferences. They explore how understanding these irrationalities can lead to happier and more fulfilling lives, offering practical advice and examples.