Why do people cooperate with one another when they have no (selfish) motivation to do so? Why do we hold onto possessions of little value? And why is the winner of an auction so often disappointed? Hear Nobel Prize winner Richard Thaler and his co-author, Alex Imas, discuss these questions, examined in their book The Winner’s Curse, with Michael Lewis.

Richard H. Thaler received the 2017 Nobel Prize in Economic Sciences. He is a distinguished service professor of economics and behavioral science at the University of Chicago’s Booth School of Business, coauthor of Nudge: Improving Decisions about Health, Wealth, and Happiness (with Cass Sunstein) and the author of Misbehaving: The Making of Behavioral Economics.

Alex O. Imas is a professor of behavioral science and economics at the University of Chicago Booth School of Business. Among his honors are the Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, and the Hillel Einhorn New Investigator Award. Previously, he was an assistant professor of behavioral economics at Carnegie Mellon University.

Michael Lewis is known for his meticulous research on far-reaching subjects—from the top-secret world of high-frequency trading (Flash Boys), to baseball (Moneyball), to behavioral economics and the friendship between Daniel Kahneman and Amos Tversky (The Undoing Project), to an account of a band of medical visionaries trying to avert Trump’s calamitous response to the COVID-19 outbreak (The Premonition), to the world’s youngest billionaire and crypto’s Gatsby (Going Infinite). Most recently, he authored Who Is Government?, with contributions from W. Kamau Bell, Sarah Vowell, Dave Eggers, and others.

On November 21, 2025, Thaler and Imas visited the Sydney Goldstein Theater in San Francisco to be interviewed on stage by Michael Lewis.

Richard H. Thaler and Alex O. Imas