Lynn Thoman

Once you see the patterns, you can change them.

Richard's ideas have reshaped how governments design policy, how companies make decisions, and how millions of people save for retirement.

His books, Nudge, Misbehaving, and The Winner's Curse, have changed how we think about money, choices, and human nature.

He's a professor at the University of Chicago, but more importantly, he's shown us that winning can sometimes be the biggest loss.

that we're all a little irrational and that we can make smarter and happier decisions once we understand how we actually think.

Welcome, Richard, and thanks so much for joining Three Takeaways today.

It is my pleasure.

Richard, you seem to have almost an obsession for what you call anomalies.

What are they and why are you so fascinated by them?

Richard, you kept a list of things that people did that made absolutely no economic sense.

Can you give a couple of examples from that list?

Because if you're the high bidder, you may have the price wrong.

That's great.

I did not realize Tom Brady was the 199th pick.

Where else do we see the winner's curse?

Do we see that when people bid to buy houses or when companies bid to purchase other companies?

So interesting.

What other anomalies do you see?

So what else was on your list of anomalies?

Absolutely not.