The Behavioral Economics and Decision Research Center (BEDR) unites Cornell scholars who share a common interest in judgment, decision making, and behavioral economics. BEDR was founded in 1989 at Cornell by 2017 Nobel Prize winner Richard Thaler.

The impact economists have had on government and social policy is undeniable. Much of their influence stems from refined models used to illustrate how the economy functions. Incorporating insights from psychology, the field of behavioral economics is devoted to building more accurate economic models based on a realistic view of human rationality and how people make judgments in their daily lives.

Often cited as the birthplace of behavioral economics, Cornell’s BEDR remains at the forefront with international conferences, podcasts, lauded journal articles, and books. Through our lecture series and courses at the undergraduate- and graduate-level, BEDR is dedicated to behavioral and applied economics; risk and rational decision making; and judgment and managerial decision making, all-the-while trying to shed light on policies that can be most effectively implemented to maximize one’s own and society’s welfare.

 

Michael Brady of SC Johnson’s Graduate School of Management’s Present Value podcast speaks with BEDR director Robert Frank about why people are blind to their own luck, single-payer healthcare, and the final word on Dylan or Clapton.