Comments on 'The Winners Curse' by Richard Thaler and Alex Imas

1. I don’t like the name given to “The Confused Subjects Hypothesis.” This is really a “People Would Soon Learn Hypothesis.” To my mind, it is possible for people to be confused and stay confused for a long, long time before ever learning—or never learn at all. “Confused” can be a permanent or semi-permanent condition. When things are cognitively hard, some people may never learn. And things are cognitively very hard, the majority of people may never learn.