Summer 2018: Why did you do that?
Richard Thaler had a problem. As a graduate student at the University of Rochester, he began to have misgivings about the material being taught in his economics classes. At first, he was unsure whether the problem was with the material being taught, or his inability to fully comprehend it. He was, by his own admission, hardly a stellar student. However, after Thaler became a professor of Economics at the University of Rochester, his doubts grew and he wrote them down as a list. He called the list “Dumb stuff people do.” The list, as it turned out, would forever change economic theory and in turn, created an entirely new field called “behavioral economics.”