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The Happiness Lab with Dr. Laurie Santos

How to Spend Your Time and Money Better (with Nobel Prize Winner Richard Thaler)

The Happiness Lab with Dr. Laurie Santos

Pushkin Industries

Society & Culture, Health & Fitness

4.714.8K Ratings

🗓️ 22 September 2025

⏱️ 50 minutes

🧾️ Download transcript

Summary

We all behave irrationally. We pay for expensive gym memberships and only go once. We spend windfall cash on things we'd never buy with our salaries. We plan to do nice things in the distant future, but don't actually write them down in our calendars. These things can be bad for our happiness, so why do we do them?

Economist Richard Thaler won a Nobel Prize for studying human irrationality - and explains why we all do odd things sometimes and how we can guard against being so irrational. Richard is joined by fellow behavioral economist Alex Imas to explain the updated insights from the classic book The Winner’s Curse: Behavioral Economics Anomalies Then and Now.

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Transcript

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0:00.0

This is an IHeart podcast.

0:04.0

Are you looking for ways to make your everyday life happier, healthier, more productive and more creative?

0:09.6

I'm Gretchen Rubin, the number one bestselling author of the Happiness Project,

0:13.1

bringing you fresh insights and practical solutions in the Happier with Gretchen Rubin podcast.

0:18.7

My co-host and Happiness Guinea Pig is my sister, Elizabeth Kraft.

0:22.9

That's me, Elizabeth Kraft, a TV writer and producer in Hollywood.

0:26.6

Join us as we explore ideas and hacks about cultivating happiness and good habits.

0:31.8

Check out Happier with Gretchen Rubin from Lemonada Media.

0:45.8

Pushkin. Rubin from Lemonada Media. As humans, we do a lot of things that don't make all that much sense.

0:52.1

I sometimes imagine a completely rational alien species

0:55.3

somewhere out there in the universe that's observing us earthlings and is totally shocked by how often

1:00.8

we act against our own best interests. We eat foods that we know aren't good for us. We avoid small,

1:07.1

simple actions like exercising or flossing, preventative care that we know we'll pay off

1:11.8

in the long run. But we also do some truly beautiful things, behaviors that might puzzle those

1:17.2

rational aliens. We donate blood or even an organ to someone in need and at real risk to our own

1:23.1

health. We're kind to strangers who, in many cases, will never even see again.

1:28.7

I also wonder what those aliens would make of the way humans experience happiness,

1:33.0

how complex and counterintuitive, the things that promote our well-being, must look to a totally

1:38.0

rational being.

1:39.6

Unfortunately, it's unlikely I'll ever get a chance to chat with a rational extraterrestrial,

1:44.6

like one of the Vulcans from Star Trek, those creatures who embody pure logic and self-discipline

1:49.2

about the anomalies of human behavior.

...

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