Richard Thaler
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Appearances Over Time
Podcast Appearances
We don't have time for this.
Okay.
No slurs.
So Cornell is a very fine school.
Yes.
So every other student has a mug sitting in front of them.
Okay.
And their neighbor doesn't get a mug.
Okay.
Now we have a market for the mugs.
And we say, if you have a mug, John, you can sell it.
Here's a price list.
If it's $10, will you sell it or keep it?
$9.50.
And then you go down until, okay, I'll sell at $8, but I won't at $7.50.
Okay.
All right?
And then the guy sitting next to you doesn't have a mug.
He has a price list.
At each of the following prices, will you buy?