Economists used to assume that people were, overall, rational. They may make mistakes now and then, but, if reasonably informed, they do the right thing. Then came Richard Thaler, who, in October, was awarded the Nobel Prize in Economics.
While Thaler was teaching at the University of Rochester, he had a side gig. Not a lot of people knew about it or took it seriously. He would catalog ways people behaved irrationally. And Thaler thought, there must be a way to make sense of this behavior, to understand it and to predict it.
…Today on the show, how Thaler’s work went from a side hustle to winning a Nobel Prize.
[quote] LAS VEGAS SHOOTING MOTIVE: GUNMAN WAS NARCISSISTIC, BECAME DEPRESSED AFTER LOSING ‘SIGNIFICANT AMOUNT OF WEALTH,’ SHERIFF SAYS
Las Vegas gunman Stephen Paddock was obsessed with his status when it came to being one of the city’s elite, but when he started losing large amounts of cash, that popularity was quickly replaced with depression—which investigators say might be one of the primary reasons behind his attack on October 1.
Clark County Sheriff Joe Lombardo talked extensively about the mass shooting, Paddock and the changing timeline, which has led to controversy and questions regarding the sniping attack, in a two-hour interview with KLAS, a local CBS affiliate in Las Vegas.
Lombardo said Paddock had a long of ups and downs with money but he “lost a significant amount of his wealth” since September 2015, which may have been a “determining factor”
Seems when money is involved people often act a bit wacky and don’t want to fully explore AND/OR acknowledge that a problem exists which then leads to BIGGER dilemmas (in other words if people are in denial about an initial problem, they also are blind to the knock on effects)
