Mike Munger is The Knower of Important Things, and a political science and economics professor at Duke University, Mike hosts a great and seriously economically nerdy podcast, “The Answer is Transaction Costs.” We'll discuss opportunity costs, including mention of some of the work and impact of Nobel laureate Daniel Kahneman, about whom I spoke a bit on yesterday's show. Again, I recommend you buy and read "Thinking, Fast and Slow."
The Answer Is Transaction Costs on Apple Podcasts
Michael C. Munger - Professor at Duke University (michaelmunger.com)
Opportunity cost story/lesson: A Fable of the OC - Econlib
Prospect Theory in Psychology: Loss Aversion Bias (simplypsychology.org)
Daniel Kahneman Dies; MLB Front Offices Felt Influence of His Groundbreaking Work (msn.com)
Daniel Kahneman Says Noise Is Wrecking Your Judgment. Here’s Why, and What to Do About It. (msn.com)