Forging Behavioral Economics: A Pivotal Collaboration

This October, we’re celebrating 8 years of Behavioral Grooves! To mark the occasion, we’re digging into our archives and re-sharing some of our most popular and thought-provoking conversations every Thursday for the next two months.

The celebration builds to our Anniversary Event on October 16th in Minneapolis, where fan favorite Nick Epley will lead the audience in a live social experiment and conversation about the science we all love.

Space is limited—grab your tickets now through the link in the show notes and join us for an unforgettable night of behavioral science, connection, and fun!

Now, onto the episode!

The notion of merging psychology with economics initially faced staunch skepticism, with errors perceived as random rather than systematic. However, everything changed when psychologists Daniel Kahneman and Amos Tversky joined forces, armed with groundbreaking ideas about human decision-making. Their meticulous research not only introduced a fresh perspective on understanding people’s choices but also ignited the flames of Behavioral Economics. Through collaboration with other influential figures in the field, including Richard Thaler, their work spearheaded a transformative movement that challenged conventional economic assumptions, propelled novel ideas forward, and seamlessly integrated psychological theories into economic theory and practice.