37. Sendhil Mullainathan Thinks Messing Around Is the Best Use of Your Time
Summary
Steve Levitt interviews economist Sendhil Mullainathan, discussing VR’s potential to transform education and work by creating immersive, memorable experiences. They explore cognitive biases like the sunk cost fallacy and status quo bias, illustrated through Mullainathan’s “Peak” learning app. The conversation also covers Mullainathan’s challenges adapting academic rigor to government bureaucracy and business consulting, highlighting the difficulty of learning in environments with poor feedback.
Topics discussed
Sponsor message: Wells Fargo Autograph Journey Card
Introduction of guest Sendhil Mullainathan
Virtual reality and its potential for education
The two-sided market problem in VR adoption
How sensory experiences create stronger memories
The fallibility of memory and reading retention
The $20 bill auction and sunk cost fallacy
Escalation of commitment and the coin flip study
Status quo bias and trying new things
Book recommendations and listener Q&A segment
Sendhil's learning app and false memory experiments
Working in government and the lack of feedback
Learning in 'wicked environments' with little feedback
The end of history illusion and advice for young people
Conclusion and preview of next episode
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