Why Smart People Make Irrational Financial Choices
Correction Concepts

Why Smart People Make Irrational Financial Choices

Corrected by Emir Baycan · on When Notes Fly · 12 July 2026 · View published page ↗

Explore the cognitive biases leading to poor financial decisions, despite intelligence and education.

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Sendhil Mullainathan, an economist at the University of Chicago, and Eldar Shafir, a psychologist at Princeton, collaborated on what may be the
+Sendhil Mullainathan, an economist who was at Harvard University when the book was published (he joined the University of Chicago in 2018), and Eld

Why this is better

Verified the fix is live in the article body: Mullainathan is now correctly identified as being at Harvard University (where he was when Scarcity was published in 2013; he joined University of Chicago Booth in 2018). No stale occurrence found in the FAQ. Backfilling record with confirmed correct text; no further edits needed.

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