Professor Richard Thaler: Masters in Business (Audio)
Masters in Business
00:00
Theorists Say, Youe Playing With the House Money
Mental accounting is the financial accounting of people and economists tell us that money is fungible. If you want to impress people at a cocktail party, use fungible. It just means there's no labels. During the 19 nineties, technology o sure, during that bump, everybody thought they were playing with the house money. The only thing that'll give us an answer is a crash. Fortunately, we got a crash, and we got an answer.
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