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Part 3

And A Guessing Game…

Behavioral Economist Richard Thaler chose to illustrate the important insight of Keynes in a different way. His Guessing Game illustrates the difficulty involved in competing against other rational actors. Guessing a number correctly in his format requires you to properly assess the rationality, or lack thereof, of the competition which makes the task extremely difficult. Rather than judging a beauty contest, let's have you guess a number correctly.  Thaler ran the following 'game' or expe...

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Investor Psychology 300
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