Here is a great interview with Richard Thaler on the PBS NewsHour – Making Sense by Paul Solman. He explains the concept of sunk costs, time and money already spent with some Cameroonian students. Also the way most people value their time.
Richard Thaler has a new book out entitled “Misbehaving” and notice that the book is 30% off in the Chicago Booth Bookstore. As Thaler says people love deals and can be driven to purchase things that they don’t really want if the deal is good enough.