I'm surprised this hasn't been discussed here.
Thaler has made his mark by studying the behavioral economics. Much of his work has focused on irrational usage of money.
Before you think this is just some stuffy professor, I know him as a frequent guest on The Score, a sports station in Chicago. He spoken at length about teams and fans making poor decisions with their money. A few years ago the Washington Redskins asked him to visit with them before the draft. Thaler broke down the value of draft positions, and thought he had effectively explained the most impact and value came from the middle round picks. Thaler commented that the owner of the Redskins, Daniel Snyder, sat and took a lot of notes while he spoke. A few weeks later the Redskins traded away multiple picks to move up and take Robert Griffin III. How did that work out for Snyder?
https://www.theguardian.com/world/2...aler-nobel-prize-winner-behavioural-economics
Thaler has made his mark by studying the behavioral economics. Much of his work has focused on irrational usage of money.
Before you think this is just some stuffy professor, I know him as a frequent guest on The Score, a sports station in Chicago. He spoken at length about teams and fans making poor decisions with their money. A few years ago the Washington Redskins asked him to visit with them before the draft. Thaler broke down the value of draft positions, and thought he had effectively explained the most impact and value came from the middle round picks. Thaler commented that the owner of the Redskins, Daniel Snyder, sat and took a lot of notes while he spoke. A few weeks later the Redskins traded away multiple picks to move up and take Robert Griffin III. How did that work out for Snyder?
https://www.theguardian.com/world/2...aler-nobel-prize-winner-behavioural-economics