This is a great article about Nobel Prize winning University of Chicago economist Richard Thaler, where he looks at a casual party and how people decide small matters- like whether or not to eat cashews!
Sounds silly right? But maybe not… have a look.
Richard Thaler was also featured in the movie The Big Short- where he had a stop screen discussion about rational or irrational gambling habits. In the shot, he explains collateralized debt obligations (CDOs) along with famous pop-artist Selena Gomez. CDOs are a whole other topic, but boy is this an interesting scene in the movie!
By the way, Professor Thaler studies behavioral economics and the psychology of decision-making and is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at Chicago Booth. He won the Nobel Prize in Economic Sciences in 2017 for his contributions to behavioral economics.
So, we may all be rational actors in our minds, but sometimes we do things that are contrary to our own best interests. Why would we do that? Read this- and let me know what you think!
~ Brian Kasal- The Leadership Matrix
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