Kelly welcomes Richard Thaler, the 2017 recipient of the Nobel Memorial Prize in Economic Sciences, to the podcast along with his co-author, Professor Alex Imas, to talk about their updated version of Thaler’s seminal book “The Winner’s Curse.”

“Rationality is an assumption in economics, not a demonstrated fact.”

“People are not thinking enough about what everyone else is thinking.”

“Roughly speaking, losses hurt us about twice as much as gains.”

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