Richard H. Thaler — The Winner’s Curse and Going Against the Establishment (with Nick Kokonas)

In this panel discussion, Tim Ferriss hosts Richard H. Thaler and Nick Kokonas to discuss behavioral economics, its origins, and its applications in real-world scenarios. Thaler recounts his early challenges to traditional economic models, which assume rational and selfish agents, and explains how his work incorporates human psychology and irrationality. The conversation covers various concepts such as loss aversion, mental accounting, and cognitive biases, illustrating them with anecdotes and experiments. The panel also explores the ethical implications of nudging and the importance of understanding human behavior in business and policy-making.