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Present Bias
The Loser’s Curse: Decision Making and Market Efficiency in the National Football League Draft
February 3, 2019
A question of increasing interest to researchers in a variety of fields is whether the biases found in judgment and decision-making research remain present in contexts in which experienced participants face strong economic incentives. To investigate this question, we analyze the decision making of National Football League teams during their annual player draft. This is a domain in which monetary stakes are exceedingly high and the opportunities for learning are rich. It is also a domain in which...
February 3, 2019
A question of increasing interest to researchers in a variety of fields is whether the biases found in judgment and decision-making research remain present in contexts in which experienced participants face strong economic incentives. To investigate this question, we analyze the decision making of National Football League teams during their annual player draft. This is a domain in which monetary stakes are exceedingly high and the opportunities for learning are rich. It is also a domain in which...
Behavioral Economics May Make Champs of the Cleveland Browns
February 3, 2019
All eyes are on the Los Angeles Rams and the New England Patriots, but the Cleveland Browns had an impressive season too. Although they didn’t make the playoffs, they did go 7-8-1 in 2018 after finishing 0-16 a year earlier. It’s one of the biggest single-season improvements in National Football League history, and the Browns owe it in large part to behavioral economics. The turnaround was orchestrated by a small team of analytics wonks in the front office, led by chief strategy officer Paul...
February 3, 2019
All eyes are on the Los Angeles Rams and the New England Patriots, but the Cleveland Browns had an impressive season too. Although they didn’t make the playoffs, they did go 7-8-1 in 2018 after finishing 0-16 a year earlier. It’s one of the biggest single-season improvements in National Football League history, and the Browns owe it in large part to behavioral economics. The turnaround was orchestrated by a small team of analytics wonks in the front office, led by chief strategy officer Paul...
Pick a Mood, any Mood – Just Pick a Good One
March 27, 2018
There aren’t many benefits to being in a bad mood, even if that’s your reliable, long-standing default mode. Being in a bad mood can make you less effective, less open to creative solutions, and due to stress, it can affect your health. Most peoples’ jobs have a degree of stress, some much more than others. Unless your job is professional chocolate taster or handing out free tickets to Disney World to an Oprah Winfrey Show audience (hint, everyone in the audience...
March 27, 2018
There aren’t many benefits to being in a bad mood, even if that’s your reliable, long-standing default mode. Being in a bad mood can make you less effective, less open to creative solutions, and due to stress, it can affect your health. Most peoples’ jobs have a degree of stress, some much more than others. Unless your job is professional chocolate taster or handing out free tickets to Disney World to an Oprah Winfrey Show audience (hint, everyone in the audience...
The Mischievous Science of Richard Thaler
July 7, 2015
Thaler has a mischievous mind. At the same time that he was producing his math-heavy dissertation, he started asking people...
July 7, 2015
Thaler has a mischievous mind. At the same time that he was producing his math-heavy dissertation, he started asking people...
