Lynn Thoman

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.

But I thought what you were going to say is most of the students would say they would bid $50 half to be fair.

But that's not where you're going at all.

Richard, you've talked about a number of anomalies and behaviors.

Are these necessarily dumb?

How can we stop ourselves from doing some of these things that make absolutely no economic sense?

That's an amazing story that your daughter caught you up on a classic behavioral mistake and you as the famed Nobel laureate.

You and Cass Sunstein introduced the world to nudges.

Can you explain what a nudge is and give a couple of examples of nudges?