Mises Wire

Is Caution Costly?

Is Caution Costly?

The ball shot down the left-field line, and the Yankees’ speedy second baseman, who had singled in the inning, raced toward third base. With two outs in the eighth, the Yankees down by 3-2 and the ball caroming off the outfield wall, the third-base coach faced a decision on which the season would turn: should the runner try for home? Then the professor stopped the VCR. This has become an annual ritual in a graduate school class at the University of Chicago taught by Richard Thaler, an economist widely considered to be a serious candidate for a Nobel Prize. (Courtesy of Thomas Schmidt)

 

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