エピソード

  • Economics and Sports Betting

    Economics and Sports Betting
    2025/07/13
    Dive into the economic concepts that have helped with the recent explosion of sports betting in the United States. Explore how sportsbooks set odds, the role of information in creating an edge, and why betting markets share some similarities with prediction markets. We briefly unpack the effects of the 2018 repeal of PASPA and discuss how technology has transformed gambling behavior. This week’s conversation highlights both the fun and complexity of modern sports betting.In this episode, we discuss:* How sports betting odds are set and why sportsbooks aim to balance bets.* Why some bettors can gain an edge and how information affects outcomes.* The economics behind parlays, money lines, and house margins.* How the 2018 Supreme Court ruling changed the legal landscape.* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:We recorded this week’s episode right before Game 7 of the NBA Finals and right after recording our episode on Bobby Bonilla Day. We decided to stick with the sports theme, but our drinks have changed. Eric opted for a glass of water to combat the heatwave sweeping across most of the U.S. at the time, while Jadrian went with Best Day Brewing’s Sea Salt and Lime non-alcoholic cerveza. Matt snagged a Gorb Hazy IPA from Oliphant Brewing on his recent trip to Minnesota.Over the past few years, the amount of ad space dedicated to gambling sites has increased dramatically. That’s due in part to the repeal of PASPA in 2018, which made it easier for states to legalize sports gambling. We brought on our friend Eric Dunaway from Wabash College to help provide some insight into how the sports gambling industry ballooned from underground operations and Nevada-only betting to nationwide, app-based access that includes bets as small as a dollar. Sports gambling is different from traditional gambling in a variety of ways, but perhaps the most interesting to economists is that the outcome of the game is not based on probabilities like traditional casino games. Because of how often blackjack hands are played or roulette wheels are spun, it’s a lot easier to estimate the expected win probability for any given bet. That’s not possible with sports games because we only ever see one observation. As a result, sportsbooks are more interested in “setting lines” rather than trying to predict the outcome of a game. Eavesdrop on some sports gamblers, and there’s no doubt you’ll hear them reference a money line: the initial distinction between favorites and underdogs. Even one of the simplest bets is structured in a way that ensures a profit for the casinos by baking in a “vig” regardless of the outcome. While house edges are fixed in games like roulette, sports betting allows for subjective analysis and the potential for informed bettors to gain an edge.The second half of this week’s episode focused on the behavioral economics aspects of sports gambling, including how fans may bet emotionally on their teams and the ways sportsbooks use boosts and promotions to attract money. Sportsbooks rely on more than just math; they also leverage psychology. Many apps use flashy celebration graphics and real-time win tracking to create a sense of excitement, while quietly downplaying losses. These design choices can make betting feel more like a game than a financial risk. Perhaps more concerning, sportsbooks are now partnering with some universities to present gambling as a way to support college athletics. While framed as sponsorship, we’re not entirely sure it’s appropriate to normalize betting among young adults with blurred lines between supporting your school and engaging in risky financial behavior. Perhaps the one plus side of the rapid growth in sports gambling is that we have a lot of young people passionate about statistics. Let’s hope that passion extends to more responsible financial decisions.This week’s pop culture references:In Back to the Future Part II, the antagonist steals the Time Machine and delivers a sports almanac to his younger self in 1955. With decades of future game outcomes in hand, he builds a gambling empire by always betting with perfect information. The scene ties directly into this episode’s theme: if you know more than the market, even slightly, you can win big.In Casino, Robert De Niro plays a handicapper who works for the mob, helping them set accurate betting lines on sports events before eventually taking over a casino. His role shows how valuable expert analysis and insider knowledge can be when money is on the line. Matt highlights Nate Silver’s new book, On the Edge, where Silver reflects on his own attempt to become a professional NBA gambler. Despite his strong background in statistics and data, he admits he struggled to profit consistently. ...
    続きを読む 一部表示
    46 分
  • Bobby Bonilla Day and the Value of Annuities

    Bobby Bonilla Day and the Value of Annuities
    2025/06/26
    In this episode, we explore the economic concepts behind Bobby Bonilla Day, when the former MLB player annually receives a $1.19 million check from the Mets even though he hasn’t been on the roster since 1999. We unpack how deferred compensation works and whether the Mets’ decision makes financial sense. We dive into annuities, interest rates, and the assumptions that shape financial decisions. Using behavioral economics and finance concepts, we ask: Was this a smart move for The Mets and for Bonilla, and what lessons can we take from it?In this episode, we discuss:* Why the Mets agreed to pay Bobby Bonilla for 25 years instead of a lump sum* The role Bernie Madoff’s scheme played in the Mets’ financial decisions* What makes annuities appealing for athletes and retirees* The behavioral economics behind protecting money from ourselves* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:There’s a heatwave across the United States, so all of today’s beverages were nice and cold. Matt enjoyed a Moscow Mule to beat the heat, and Jadrian cleared out his fridge with an Almost Famous Pickle Beer from East End Brewing. We’re joined this week by Eric Dunaway from Wabash College to talk about today’s topic. He’s opted for a Mountain Dew Summer Freeze Zero Sugar. Long-time listeners may remember Eric from a few years ago when he joined us to talk about the economics of poker.Bobby Bonilla Day is more than a quirky sports headline; it's an ideal chance to talk about annuities and deferred compensation. Let’s lay out the story first. It’s 2000, and the New York Mets owe Bonilla $5.9 million. Instead of paying him outright, they get Bonilla to agree to defer his payment for 10 years and then pay him $1.19 million annually from 2011 to 2035. That arrangement totals nearly $30 million, far more than the original sum. Why would the Mets do this?The logic at the time was based on interest rates and investment expectations. The Mets assumed they could earn 12% on their other investments, which was much more than the 8% implied by Bonilla’s annuity. Unfortunately, their confidence came from Bernie Madoff’s fraudulent returns. When that Ponzi scheme collapsed, so did the rationale behind the deal. The Mets tried to fold Bonilla’s contract into their Madoff litigation, but a judge dismissed the attempt.The deal highlights why annuities are valuable. Bonilla secured a guaranteed stream of income, starting at age 47 and continuing until he’s 72. This protects against the risk of outliving savings or making poor investment choices, especially relevant given how often athletes struggle financially post-retirement. From a personal finance standpoint, Bonilla’s deal has aged well.But for the Mets, who didn’t earn the returns they were expecting, why not just buy out the rest of the annuity and be done with it? One possible explanation is that the yearly payment is small relative to their total payroll, and the team’s current owner is a billionaire. It’s likely just easier for both sides to let the payments continue and reap the benefits of yearly publicity.This week’s pop culture references:We leaned into the baseball theme with a discussion of our favorite baseball movies. Because we’re good economists, we need to mention Moneyball, but that isn’t our favorite baseball movie. Eric and Matt both picked Major League, while Jadrian went with A League of Their Own. The episode also featured some pop culture tie-ins to the financial side of the story. Matt recommended Black Edge, a book about Mets owner Steve Cohen, and The Wizard of Lies, which dives into the life and scandal of Bernie Madoff, both key figures in the backdrop of the Bobby Bonilla contract. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    38 分
  • Economics of Study Abroad

    Economics of Study Abroad
    2025/06/05
    Matt and Jadrian explore several aspects of studying abroad. These include the economic benefits students gain, how study abroad programs differ from a typical vacation, and why these experiences often have a lasting impact on students. Their conversation includes insights from their own experiences as students and faculty leading trips overseas. They also examine the financial and educational considerations that shape access to these programs.In this episode, we discuss:* Why study abroad isn’t just an extended vacation * How cultural immersion challenges students and promotes maturity * The role of faculty in balancing structure with independence * Study abroad as a tool for career skills and job interviews * And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:Jadrian is back from the CTREE economics teaching conference and already deep into planning sessions for JET SET 2025, which will take place in St. Louis, Missouri. Meanwhile, Matt just wrapped up an experimental auction workshop at Michigan State. It's been a packed week (as usual), making this the perfect time to pause and catch up. With the sun out, Jadrian reached for an Electro Lime Circa de Cerveza from Best Day Brewing—a non-alcoholic Mexican-style lager with sea salt and lime. Matt stuck to his IPA roots with a Founders Mortal Bloom Hazy IPA.With Jadrian heading to England next week, we took the opportunity to talk about the value of studying abroad for both students and the faculty who lead them. We kicked off the episode with some personal reflections on our experience: Jadrian reflecting on his time as a student in Mexico, and Matt sharing his experience running a semester-long program in the UK.Study abroad isn’t like a typical family vacation. It pushes students to adapt quickly, often outside their comfort zones. Navigating cultural differences, language barriers, and unfamiliar logistics can be challenging, but those same stressors create space for meaningful growth. When done well, the experience becomes a powerful learning opportunity.One important decision students face when considering studying abroad is how long they want to be away. Jadrian has led week-long programs that pack in a lot over a short time, but those don’t leave much room for students to explore independently. In contrast, semester-long programs offer more flexibility and unstructured time to experience a place more fully.The tradeoff, of course, is cost. Shorter trips are usually far more affordable than multi-month programs. Still, no matter the length, some of the most valuable moments happen when students are left to navigate on their own, whether it’s figuring out local transit or working through challenges with a travel partner.Those challenges can feel intimidating in the moment, but they often pay off in the years that follow. Both Jadrian and Matt see study abroad as a transformative experience, and one that also helps students stand out professionally. It gives them real, lived examples to draw on during job interviews, especially for questions about conflict resolution or navigating unfamiliar situations. Just as importantly, it signals to employers that the student is willing to take risks and step outside their comfort zone to engage with new cultures.Finally, it's worth recognizing the economic impact on host countries. Study abroad students aren’t just paying tuition, they’re also participating in the local economy in other meaningful ways. They rent apartments, buy train tickets, eat out, and shop like short-term residents. While we’ve questioned the economic impact of quick tourism events, like weekend concerts, these longer study abroad programs bring sustained spending. In many ways, it’s like adding a small group of temporary locals, which can be a real benefit for the communities that host them.This week’s pop culture references:Jadrian stayed on theme this week with a clip from Eurotrip, where a group of American travelers are amazed at how far their money goes abroad. It's a fun example of purchasing power parity—the idea that the same amount of money can buy more (or less) depending on the country you’re in.Matt highlighted the new Paramount+ series Landman, which follows a struggling landman working for M-Tex Oil in the oil boomtowns of West Texas. The show offers a look at the people behind oil exploration and touches on several economic themes. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    50 分
  • Economics of the Papal Elections

    Economics of the Papal Elections
    2025/05/22
    In this episode, we look at how economists think about the election of a new Pope. With the recent selection of Pope Leo XIV, Matt and Jadrian break down how the conclave’s voting rules, like the two-thirds supermajority, can shape outcomes. They connect it to economic ideas about group decision-making, from majority rules to the challenges of reaching consensus. It’s a timely example of how even religious elections follow patterns that economists love to analyze.In this episode, we discuss:* How economists analyze voting rules* The concept of majority vs. supermajority decision-making and its economic implications* The potential influence of internal costs and decision-making incentives in a conclave* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:The semester is winding down, and commencement season has arrived. Jadrian is sipping on a Double Broken Heels Hazy IPA from New Trail Brewing, strong enough to require pacing. Matt opted for a citrus wheat beer from Mill Street Brewery in Canada, a memento from a recent trip north. The drinks don’t exactly match the day’s theme, but as they admit, they're only minimally prepared anyway.Neither host is Catholic, though Matt has some childhood experience with the Church. With that out in the open, they offer a blanket apology for any inaccuracies that might creep into a discussion about papal traditions. Still, they’re intrigued by how the election of a Pope offers an unexpected lens into economics and decision theory.This episode builds on Jadrian’s latest Monday Morning Economist newsletter, inspired by a suggestion from Noah Trudeau. The conversation centers on how the Pope is chosen through a voting process that requires a two-thirds supermajority. That’s a high bar, but it ensures consensus among a very ideologically diverse group of cardinals. The result is a leader who must appeal broadly, not just to a simple majority.They connect this to Buchanan’s Calculus of Consent, which highlights how collective decision-making involves tradeoffs between internal and external costs. When opinions diverge widely, a supermajority rule can help prevent polarizing outcomes, but it also risks gridlock. They explore what might happen under different rules, like plurality voting or elimination-based rounds, and discuss quirks like the Condorcet Paradox, where no option wins because group preferences are circular.In the end, the super majority rule seems well-suited for a lifetime appointment with global implications. Early reports suggest that Pope Leo wasn’t an initial favorite and may have been eliminated under a different system. But the conclave’s insistence on broad agreement allowed a compromise candidate to emerge, one who happened to be the first North American Pope. A unique outcome, shaped not by doctrine, but by the rules of the vote.This week’s pop culture references:Matt picked a track from Hamilton, “The Election of 1800.” It’s a musical retelling of one of the most dramatic elections in U.S. history, where the presidential vote ended in a tie and had to be decided in the House of Representatives. Jefferson ultimately won, but the whole sequence offers a memorable look at how complex and contentious voting outcomes can be.Jadrian brought in a scene from Parks and Recreation, where Ben tries to choose a wedding caterer. He enlists Ron, Tom, and Chris to help, knowing their tastes couldn’t be more different: Ron wants meat, Chris prefers vegetables, and Tom just wants something “Instagrammable”. Unsurprisingly, they can’t agree. Ben breaks the tie in favor of calzones, his favorite, but the scene cleverly illustrates how individual preferences can make group decisions messy when there’s no clear majority. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    41 分
  • Economics of Broadway Shows and Awards

    Economics of Broadway Shows and Awards
    2025/05/09
    Matt and Jadrian explore the economic power of Broadway's biggest awards: the Tonys. We explain how Tony nominations influence ticket sales and why timing matters for a show's success. They also discuss some of the ways that theatre houses price discriminate to fill as many seats as possible each night. It's a behind-the-scenes look at how Broadway's top prizes shape what audiences see—and what producers prioritize.In this episode, we discuss:* Why Tony nominations matter for Broadway shows' financial success* The timing effect: why opening closer to the nomination season helps* Differences in value between “Best Musical” and other Tony categories* The personal impact of nominations on theatergoer decisions * And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:The Spring semester is winding down at Susquehanna and Virginia Tech. It’s a perfect time to have a cold drink and talk about economics. Jadrian opted to revisit the Pickle Beer from East End Brewing Company in Pittsburgh, but was able to enjoy it served cold (not slushy). Matt went with a classic, the Perpetual IPA from Tröegs. Matt and Jadrian dove into Broadway's Tony Awards, exploring its economic implications during what's known in theater circles as “Tony month.” Matt shared his personal experience of attending some nominated shows recently, one a major hit (Dead Outlaw) and one a miss (Buena Vista Social Club). This was the setup for our broader conversation about what it means to be nominated for a Tony, especially for “Best Musical,” and how much influence those honors have on show popularity and profitability.Matt also shared a preview of some of his research, and what he is learning from other research, as he is examining how Tony nominations affect Broadway revenues. There is a 2009 study found nominations boosted weekly earnings by around $16,000—a figure likely higher today. Matt’s work is examining how the timing of a show’s opening can affect its chances of being nominated. Shows that debut closer to the cutoff date in April are more likely to be remembered and nominated, though there's no strong evidence that these are higher-quality productions overall. Matt brought up an example from this season: Once Upon a Mattress closed earlier and received no nominations, despite strong reviews and a big-name lead.They also cover the structure of the Tony voting process—nominating committee vs. final voters—and how shows subtly campaign for attention through visibility, advertising, and events. Matt also shares some insights from his Broadway ticket sales data set, which he’s analyzing during his sabbatical. Finally, they reflect on how the Tonys affect their own decision-making as theatergoers, often nudging them toward nominated shows due to the built-in signal of quality and prestige. One added economic angle came up in the context of actor pay. Data from the New York Fed identified performing arts as one of the lowest-paying career paths. While there are clearly non-monetary rewards tied to pursuing a life on stage, it's a reminder of how much passion and sacrifice that goes into making Broadway happen. This week’s pop culture references:Matt shared that one of his favorite songs from Dead Outlaw, a new musical he loved, touches on themes of economics and entrepreneurship. The song, Something from Nothin, tells the story of how people built a business around showcasing a dead outlaw—morbid, but a clever reflection on entrepreneurial spirit and repugnant markets.Jadrian opted out of weighing in on Broadway picks this week—after all, Matt has literally written the book on it. Instead, his pop culture contribution was a strong endorsement: go buy Matt’s book! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    41 分
  • How Do Professors Spend Summer "Break"?

    How Do Professors Spend Summer "Break"?
    2025/04/24
    What do professors actually do all summer? In this episode, Matt and Jadrian break down the rhythm of the academic calendar and take listeners behind the scenes of a professor’s summer months. They unpack the not-so-hidden workload that fills the break between semesters, from grading finals and writing reports to planning research and finding time to unwind. If you've ever wondered whether summer is really a vacation for academics, this one’s for you.In this episode, we discuss:* How the end-of-semester workload shifts from teaching to administrative tasks* The behind-the-scenes responsibilities professors handle in May and June* The varying pace of summer work for faculty, deans, and teaching-focused roles* Why summer isn't just a break—it's a time for research, report writing, and prep* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:We’re recording this in April as the semester is slowly coming to an end. We each have just a few weeks left, but for Jadrian, the semester is even shorter. Virginia Tech was able to convince Metallica to come to campus on the last day of classes, most likely as an homage to the Enter Sandman entrance that Virginia Tech is famous for (see below). To help celebrate the end of the semester, Matt and Jadrian hopped on Zoom to talk about their summer plans. Before they get too far into their talk, Jadrian cracked open a cold Strawberry Shortcake Blonde Ale from Alewerks Brewery Company, and Matt had and I'm An Alligator by SingleCut Beersmiths.As the semester winds down, both Matt and Jadrian reflect on how their work shifts during the final weeks. For professors with heavier teaching requirements, the end of the semester quickly shifts from delivering lectures to hurried grading and managing student emails—ranging from thank-yous to concerns about grades and summer classes. For those with more administrative responsibilities, the end of the semester includes a lot of end-of-year events and student support tasks before slowing down again in early summer.May can still feel like a full workload, but with a different structure. June and July bring an entirely different kind of work. While email traffic remains steady, the nature of the tasks shifts to planning, writing reports, and prepping for fall. For professors who chose to teach summer classes, it can be a chance to try new things or just to earn a little bit of extra income. Matt and Jadrian have both taught summer classes in the past, but Jadrian has found that it made it hard to get a real break from the continuous work and has vowed not to do it again if he can help it.Summer months are ideal for working on bigger projects that require quiet, uninterrupted time. A lot of professors are trying to finish up projects to get them sent out for peer review before the Fall semester begins. Some professors may use the summer to prepare for the Fall semester, but Jadrian tries not to touch his courses until August. Perhaps the most common theme, whether it’s administrators or teachers, is figuring out how to carve out time to relax. Some take mid-May vacations, others find short breaks in July more realistic. Regardless of when you do it, it’s important to take time to recharge, whether by fully logging off for a few days or slowly easing into lighter summer routines.This week’s pop culture references:Jadrian shares a clip submitted by Brian Lynch to the Economics Media Library, highlighting a Saturday Night Live sketch that flips the script on traditional business news. The parody, “Check to Check Business News” (CTCBN), imagines what financial reporting would look like if it focused on everyday Americans living paycheck to paycheck. Matt highlights the economic themes found in The Last of Us, pointing to several clips available on Critical Commons that can be used as teaching tools. He and EconChrisClarke have recorded videos exploring how the show illustrates core economic concepts, from scarcity to incentives, within a post-apocalyptic world. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    46 分
  • Economic Lessons from Bluey

    Economic Lessons from Bluey
    2025/04/10
    This week, we explore how the children's show Bluey delivers surprisingly rich lessons in economics. We're joined by Lauren Shifflett and Stephen Day, who explain how the show introduces concepts like scarcity, decision-making, and even the circular flow of money. Why Bluey? Lauren and Stephen recently co-authored Bluey-conomics: It's Not All About the Money, a new article showing teachers how to bring these episodes into the classroom. Whether you're a parent, educator, or econ nerd, you'll see Bluey in a whole new way.In this episode, we discuss:* Why Bluey resonates with both kids and adults—and what makes it a useful teaching tool* How teachers can use Bluey to introduce foundational economic concepts in a relatable way* Insights from Lauren and Stephen’s new article* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:This week’s episode features two friends of the show—Lauren Shifflett, Associate Director at the JMU Center for Economic Education, and Stephen Day, Director of the VCU Center for Economic Education—who recently co-authored a paper we knew listeners would want to hear about. Between the four of us, we had a full lineup: coffee, water, diet soda, and a couple of beers. This episode was also a bit special, thanks to Lauren’s connection to Feel the Rain Brothers Brew Co. in Harrisonburg, Virginia. She went with Duke’s Lager, while Jadrian enjoyed a Loner mild ale from the same brewery. Lauren Shifflett and Stephen Day joined us this week to talk about their newly published article, Bluey-conomics: It’s Not All About the Money. The piece, co-authored with Alexa Quinn, appears in Social Studies and the Young Learner, a journal aimed at elementary educators. The article focuses on how the children's show Bluey can be used to teach economic concepts in the classroom, especially to younger students. One of Stephen’s favorite episodes is called “Markets,” where the main character gets five dollars from the tooth fairy and heads to a local market with her friend. Along the way, she and her friend navigate trade-offs, limited resources, and the consequences of spending decisions. Stephen walks us through how the episode illustrates everything from scarcity to the circular flow of money—making it a surprisingly clear entry point for introducing these abstract concepts.Beyond “Markets,” we also talked about other episodes like “Monkey Jocks,” “Hammerbarn,” “Ice Cream,” and “Granny Mobile.” These storylines touch on unintended consequences, negotiation, decision-making, and even game theory. The show uses humor and relatable family moments to bring these ideas to life in ways that are meaningful for kids and instantly recognizable for adults.Lauren and Stephen explain how episodes like these offer accessible, age-appropriate ways to start conversations about economic thinking. The goal of their article isn’t just to celebrate a beloved show—it’s to prepare teachers with practical tools for integrating economics into everyday classroom experiences. And for parents watching alongside their kids, Bluey might just be an unexpected crash course in the basics of economics.This week’s pop culture references:Lauren shared her work on lesson plans centered around the “economics of poop”—a creative approach to help young learners think about the many resources involved in both the production and cleanup of waste. It’s a memorable, relatable way to spark economic thinking in elementary classrooms.Stephen spotlighted the Bluey episode “Hammerbarn,” where the Heeler family goes shopping for a new pizza oven. The episode is full of teachable moments about budgeting, prioritization, and opportunity cost. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    40 分
  • Public Health, Auctions, and Teaching

    Public Health, Auctions, and Teaching
    2025/03/27
    What could a research arc look like? Matt shares the story of his career pivot from a pure experimental economist to one that includes researching on teaching economics with pop culture. Matt’s early research on cigarette packaging and sin taxes measured how graphic warning labels influenced consumer behavior. His most recent work? A paper on the game show Cutthroat Kitchen that explores how people value the prestige of winning over the money they win. Throughout the episode, Matt reflects on what drives his research choices and how his interests have evolved.In this episode, we discuss:* How Matt’s research evolved from public health and pop culture* Why experimental auctions have always been a central method in his work* How teaching-focused research and pedagogical experiments caught his attention* Reflections on following curiosity over specialization* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:Matt and Jadrian are wrapping up spring break and Jadrian is easing back into the semester. (Matt is still on sabbatical.) Jadrian brought back a four-pack of Almost Famous Pickle Beer from East End Brewing Company when he took a recent trip to Pittsburgh — a cucumber gose created in partnership with Primanti Bros. After an overlong stay in the freezer, it ended up more slushie than beer, but still drinkable. Matt wasn’t convinced the pickle beer was for him, so he went a different route with a glass of Catalonian wine.A few episodes ago, Matt asked Jadrian about his research. Today Matt takes the spotlight this week as Jadrian turns the questions toward his co-host’s research journey. The conversation starts with Matt’s early work in experimental economics, where he studied how consumers respond to changes in food labeling and cigarette packaging. One of his most-cited streams of research involves using graphic health warnings on cigarette packs in experimental auctions to test how demand changed — work that eventually informed policy discussions.From there, they explore Matt’s broader use of auctions in behavioral research, especially in public health. His projects have included examining preferences for e-cigarettes, smokeless tobacco, and vaccines. These studies often relied on grant funding and collaborative teams, allowing Matt to explore how people respond to information and make decisions in controlled but realistic environments.A turning point in Matt’s career came with a pivot toward using pop culture as a lens for economics research. Matt currently has an NBER working paper with several other authors that looks at how Cutthroat Kitchen contestants’ bidding behavior reveals the value of prestige in addition to prize money. The show’s auction-style format turned out to be an ideal setting to observe economic decision-making in a high-stakes, real-world context.Matt reflects on the flexibility of working at a teaching-focused institution, where he’s been able to follow ideas across disciplines and collaborate widely. While he began as a specialist in experiments, he now sees himself as a generalist economist, pursuing topics that are both interesting and accessible — whether that’s public health, pedagogy, or reality TV.This week’s pop culture references:Jadrian was reminded of a paper that focused on Cash Cab, a game show he once hoped to study during grad school. He started collecting data to analyze risk aversion in contestant choices, only to find that someone else had just published a similar paper in JEBO, focused on how group dynamics influence risk-taking in the game. If you don’t remember the show, here’s a snippet of one episode: Matt discussed a clip in Cutthroat Kitchen that explores how contestants decide who to sabotage. The clip highlights moments where sabotage decisions seem driven by spite or bias rather than strategy — like a contestant declaring she wanted to “wipe the smile off little blondie’s face.” These choices raise questions about fairness, discrimination, and revenge. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
    続きを読む 一部表示
    43 分