TIL that American economist Richard Thaler, upon finding out he won the Nobel Prize for Economics for his work on irrational decision-making, said he would spend the prize money as “irrationally as possible.”

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He spent 90% on cocaine and prostitutes. The other 10% he wasted.


I remember him from the film The Big Short where explained people’s irrational thinking by using a basketball analogy called the hot hand fallacy.


>Nudge theory has been criticised by some sections of the political right for being overly paternalistic, while it has also been described as a neoliberal idea by the left because it relies on individual choice instead of overt state intervention. Just goes to show that economists will always be the least popular people at any party….


“The US academic, who is a professor at the University of Chicago, has previously suggested that Brexit could be an example of behavioural economics in action. He argued British voters chose an economically irrational route when considering the options put to them by elites and the mainstream media. “Personally I think a vote to leave is a highly risky move. Most voters aren’t really thinking about it in a very analytical way,” he said in an interview before the referendum last year.” Looks like his theory on that one is being proven correct


He looks like Sal Goodman’s brother