Richard Thaler & Cade Massey on the NFL Draft, Misbehaving GM's, & Exploiting Inefficiencies | #477

<p>Today’s special episode is to prepare you for the NFL draft next week.<span class="Apple-converted-space"> </span> Nobel laureate <a href="https://twitter.com/R_Thaler">Richard Thaler</a> is back with Wharton’s <a href="https://twitter.com/bcmassey">Cade Massey</a> to talk about their famous <a href= "https://www.nber.org/system/files/working_papers/w11270/w11270.pdf">paper</a> on the NFL draft that even the GOAT Bill Belichick read.<span class="Apple-converted-space"> </span></p> <p>The guys share what they learned years ago – NFL teams overvalue the top picks, shouldn’t trade up, and even after all the scouting teams do, their ability to pick the best player at any pick is about the same as flipping a coin. We talk about why the Bears won the trade against the Panthers this year, what they think about Mr. Irrelevant Brock Purdy’s success last year, and the future of data analytics in sports.<span class= "Apple-converted-space"> </span></p> <p>As we wind down, we dive into why this inefficiency still exists after they published a paper almost 20 years ago and how teams battle some of the same issues asset managers face – career risk, impatient stakeholders, and model aversion.<span class= "Apple-converted-space"> </span></p> <p>*Click <a href= "https://mebfaber.com/2021/08/04/e337-richard-thaler/">here</a> to listen to Richard Thaler’s first appearance on the podcast</p> <p>**If you enjoyed this episode, listen to poker champion & decision-making expert <a href= "https://mebfaber.com/2022/10/05/e448-annie-duke/">Annie Duke</a> on the show last year</p> <p>-----</p> <p>Follow Meb on <a href= "https://twitter.com/MebFaber"><strong>Twitter</strong></a><strong>,</strong> <a href= "https://www.linkedin.com/in/mebanefaber/"><strong>LinkedIn</strong></a> and <a href= "https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w?sub_confirmation=1"> <strong>YouTube</strong></a></p> <p>For detailed show notes, click <a href= "https://mebfaber.com/2023/04/19/thaler-massey/"><strong>here</strong></a></p> <p>To learn more ab