Alex Imas

Join Nobel Prize-winning behavioral economist Richard Thaler and fellow economist Alex Imas as they explore the quirks of human decision-making around money and time. They discuss the phenomenon of the endowment effect and why we cling to our possessions. Discover why people often procrastinate important tasks and how mental accounting influences our spending habits. Thaler shares practical strategies like the Save More Tomorrow program to improve financial decisions, while shedding light on our irrational tendencies in everyday life.

In this engaging discussion, Alex O. Imas, a Professor at the University of Chicago, delves into behavioral economics, explaining anomalies like the winner's curse and sunk-cost fallacy that lead to poor decision-making. Colin T. Fisher, an expert from University College London, shares insights on effective group dynamics, highlighting the importance of diverse teams and the pitfalls of compromise in creativity. Together, they provide practical strategies for avoiding common pitfalls and improving team performance.

Historian Mary Stockwell discusses American Revolutionary War strategies of retreat and regrouping. Behavioral scientist Alex Imas explains risk-taking after realizing losses. The podcast explores the impact of loss realization on decision-making and the benefits of taking breaks to reset risk preferences.

This discussion features Dr. Richard Thaler, a Nobel Prize winner and behavioral economics pioneer, alongside Dr. Alex Imas, a professor known for his research on attention and uncertainty. They dive into the intricacies of decision-making, highlighting how bidders often overpay in auctions due to the winner’s curse. The conversation reveals fascinating insights about mental accounting and its real-world effects in finance. They also explore the role of AI in shaping consumer behavior and the importance of long-term trust in business relationships.

In this discussion, Alex Imas, a leading figure in behavioral economics from the University of Chicago, explores the nuances of his co-authored book, The Winner's Curse. He defines behavioral economics, emphasizing how real behavior often strays from rational models. The conversation dives into the persistence of biases among professionals in high-stakes situations and examines mechanisms behind the winner's curse through intriguing examples. Alex also shares insights on teaching behavioral concepts effectively and discusses current research trends in the field.