The Art of the Deal or No Deal

“I will try to spend it as irrationally as possible!” So said Richard Thaler after winning the Nobel Prize in economics for his work in behavioral economics. Thaler’s helped to to explain how we make irrational choices when it comes to economics, and came up with a series of methods to “nudge” people towards better choices. (I wish he’d do the same for voting.)

+ Want to read a paper by a Nobel prize-winning economist that is actually sort of accessible? Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show. (Oddly, Thaler and his co-authors failed to mention the Howie Mandel effect…)

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