麻豆社

In the later part of the 20th century, a pioneering group of economists started shaking up their academic field. These 鈥渂ehavioural economists鈥� used findings from experimental psychology and everyday life to challenge the prevailing view that human beings were rational decision makers 鈥� acting in predictable ways to maximize their wealth.

One of those pioneers was Richard Thaler, who noted down some of these 鈥渁nomalies鈥� in a column in the 1980s, which was turned into a book - The Winner鈥檚 Curse - first published in 1992. His work also won him the Nobel memorial prize in economics in 2017.

More than 30 years on, he has returned to that book, publishing a new, updated version with co-author Alex Imas, which looks at whether those anomalies in rational thinking have stood the test of time.

Tim asks him to set out two of his most famous ideas 鈥� the winner鈥檚 curse itself, and the idea of 鈥渕ental accounting鈥�.

Presenter: Tim Harford
Series Producer: Tom Colls
Sound Mix: Donald MacDonald
Editor: Richard Vadon