This episode features Michelle Baddeley, Professor of Economics at Sydney’s University of Technology (UTS) and author of several books on behavioral economics and finance. She sits down with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan, to discuss the impact of behavioral biases — such as loss aversion, anchoring and confirmation bias — on investing decisions, the meme stock phenomenon and consumer choices. They also explore how the collective impact of these biases is manifested across the economy and markets. How can these biases be avoided in trading? And will AI serve to mitigate or amplify them in the future? This episode was recorded on July 31, 2025. Shownotes: Michelle Baddeley’s work on these topics: "Behavioural Economics: A Very Short Introduction" – Michelle Baddeley "Copycats and Contrarians: Why We Follow Others... and When We Don't" – Michelle Baddeley "Behavioural Economics and Finance" – Michelle Baddeley For more information about Michelle and her work go to smarteconomics.org The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2025 JPMorgan Chase & Company. All rights reserved.

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