Rational Minds Part 1: A Nation Of Gamblers - Ed Glaeser

Ed Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard University. Show notes Selected links Follow Ed: Website 'A Nation Of Gamblers: Real Estate Speculation And American History', 2013 Ely Lecture by Ed Glaeser One Hundred Years Of Land Values In Chicago, by Homer Hoyt The Land Boomers, by Michael Cannon '25 years of housing trends' report by Aussie Home Loans Topics discussed A potted history of real estate speculation in the United States. 8:51 How would Ed describe the Great Convulsion of the 2000s to an alien observer? 13:40 Why is real estate well-suited to being a speculative asset? 16:04 If speculators aren't crazy, what are they? 17:00 Was the Great Convulsion primarily driven by credit availability? 20:44 What would a good Bayesian have thought in response to the 2000s housing market in the US? 22:23 Radical uncertainty and its implications for rationality in the context of housing markets. 24:06 Are extrapolative beliefs rational? 26:22 Are housing bubbles irrational? 29:51