Richard Thaler with Malcolm Gladwell on Misbehaving: The Making of Behavioral Economics

Published on Jul 14, 2015

Behavioral economist Richard Thaler talks to bestselling author Malcolm Gladwell on the implications of behavioral economics on how we think about the world, from our personal lives to business to society.

They will have you retooling your grocery list and retirement strategies, and lead managers to rethink every aspect of their business.

Recorded May 19, 2015 at 92nd Street Y.

 

Misbehaving Richard Thaler17:07and socials psychology Experimental Psychology
17:11with clinical psychology and
17:14you know experimental psychologists
17:19are not interested in these kinds of questions
17:23come
17:26well qualified for South drinks know that you can
17:30but no I do think though it’s interesting
17:33though to me that I’ll that the
17:37how difficult this egos to the
17:40serve a central point I think in a lot of your work which is that
17:44arm how difficult you dust it is for us to incorporate these two
17:49modem understanding you human behavior right
17:53that I don’t use the present at all but even you who has done more than almost
17:57anyone else to try to expand the horizons of your profession
18:01as difficult expand horizons the profession
18:04well yeah I it’s hot it’s hard
18:08and look there are he
18:12even the so to
18:15take to give it attempt a serious answer this question
18:18there are the ways in which we’ve been able to behavior allies economics
18:25are extremely limited and
18:30I mean I sometimes call that common traverse economics
18:33I’ll we
18:38our friend George lowenstein
18:41as done some work on emotions
18:44but most of the human repertoire
18:48is left out I
18:52and it’s because the what weaned
18:57all were able to do so far
18:59we I never set out to create an to supplant so
19:03I don’t think there should be a new department behavioral economics
19:07for or or some new word
19:10I am be
19:14and the the standard economic models
19:18are are indispensable for what we do because we use them as a benchmark
19:23so I’ll you know I
19:27I’m a critic of
19:30my friend gene farmers efficient market hypothesis
19:35but none of my research would have been possible
19:38without him as a straw man and
19:42we don’t have strong man models are things like
19:47emotions and me the we have no models
19:51them and soul in
19:54it’s hard did
19:57for an economist to make with that that would be a very big leap
20:02yeah and there’s nobody
20:05insight but you know hopefully there’s some grad student somewhere with deviant
20:11thoughts and thinks