It can be tempting to think one thing causes another because they happen in succession, but there’s a lot to unwrap in the idea of causality. In this episode of All Else Equal: Making Better Decisions, hosts and finance professors Jonathan Berk and Jules van Binsbergen explain the difference between correlation and causality, and examine cases where it is tempting to assume one thing caused another, but the reality is quite different or even the opposite. They then discuss with Guido Imbens (Nobel Prize Winner and a chaired professor in Economics at the Stanford Graduate School of Business) the revolution in empirical work in economics that he helped start.
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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.
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