General Session 1: Misbehaving: The Making of Behavioral Economics

Date: 
Sunday, April 30, 2017 -
5:00pm to 6:00pm
Speakers: 

Session type:

Traditional economics assumes rational actors.  Early in his research, Richard Thaler realized these Spock-like automatons were nothing like real people.  Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists.  In other words, we misbehave.  Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Professor Thaler will enlighten advisors about how to make smarter decisions in a mystifying world by revealing how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to game shows, the NFL draft, and businesses such as Uber.