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More or Less - Richard Thaler and The Winner’s Curse

In the later part of the 20th century, a pioneering group of economists started shaking up their academic field.

These “behavioural economists” used findings from experimental psychology and everyday life to challenge the prevailing view that human beings were rational decision makers – acting in predictable ways to maximize their wealth.

One of those pioneers was Richard Thaler, who noted down some of these “anomalies” in a column in the 1980s, which was turned into a book - The Winner’s Curse - first published in 1992. His work also won him the Nobel memorial prize in economics in 2017.

More than 30 years on, he has returned to that book, publishing a new, updated version with co-author Alex Imas, which looks at whether those anomalies in rational thinking have stood the test of time.

Tim asks him to set out two of his most famous ideas – the winner’s curse itself, and the idea of “mental accounting”.

Presenter: Tim Harford Series producer: Tom Colls Sound mix: Donald MacDonald Editor: Richard Vadon

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Everything Everywhere Daily - The Desecration of St. Denis (Encore)

The French Revolution was one of the most significant events in history. 

It wasn’t just a political revolution where one government replaced another. It was also a social revolution where the revolutionaries attempted to upend the entire foundation of French society.

But it wasn’t just enough to change France. There were also efforts to obliterate France’s past. 

Learn more about the Desecration at St. Denis and the purposeful attempt to destroy French history on this episode of Everything Everywhere Daily.

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Pod Save America - Terminally Online: Live from Crooked Con (Subscription Preview)

Live from Crooked Con, Jon Favreau, Jon Lovett, Tommy Vietor, Dan Pfeiffer and producer Elijah Cone record a special episode of our subscriber-exclusive show Terminally Online. They blind-rank 2025's most online politicians and reveal who Crooked Con straw poll participants want to see running for president in 2028.

This holiday season, we're offering 25% off annual subscriptions through November 30th. Head over to crooked.com/friends now to subscribe!

For a closed-captioned version of this episode, click here. For a transcript of this episode, please email transcripts@crooked.com and include the name of the podcast.


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NPR's Book of the Day - A Claire McCardell biography and an AI sci-fi are among NPR’s top book picks of 2025

NPR’s annual Books We Love guide is back for its 13th year, sharing over 380 hand-selected reads by NPR staff and critics. In today’s post-Thanksgiving episode, host Andrew Limbong joins Morning Edition and All Things Considered to chat about all things Books We Love. First, he shares some top non-fiction picks with NPR’s Michel Martin; among them Elizabeth Evitts Dickinson’s biography of American fashion designer Claire McCardell, who you might want to credit for those handy pockets on womenswear. Then, he talks fiction with NPR’s Scott Detrow, recommending titles such as Nnedi Okorafor’s Death of the Author.

To listen to Book of the Day sponsor-free and support NPR's book coverage, sign up for Book of the Day+ at plus.npr.org/bookoftheday

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