Interview With Richard Thaler

Interview With Richard Thaler

Discussion of financial-market economics, behavioural economics, nudge theory, and much besides. “Bob Shiller has this great line in one of his early papers to the effect that if you see a random walk, concluding from that that prices are rational is the greatest error in the history of economic thought. Why? Because it could be a drunken walk. A drunken man will have a random walk and it’s not rational”