Barry Ritholtz hosts a live "Masters in Business" conversation with Richard Thaler and Alex Imas from the Booth School of Business at the University of Chicago, discussing the new edition of Thaler's book, "The Winner's Curse." They delve into the genesis of the book from Thaler's anomalies columns, Imas's corruption into behavioral economics, and the replication of original ideas like the endowment effect and the ultimatum game in modern contexts. The conversation explores the winner's curse in oil leases and NFL drafts, the slow learning in sports, and the impact of technology on behavioral biases in financial markets, including the democratization of finance and the rise of sports gambling. They also touch on choice architecture, the importance of feedback, and the challenges of overcoming biases, emphasizing the need to make things easy and remove obstacles to improve decision-making.
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