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Edge. org. UPDATE: RICHARD THALER WINS 2. NOBEL PRIZE IN ECONOMICS [1. View the Royal Swedish Academy of Sciences Press Release][expand]Daniel Kahneman & Richard Thaler.

Edge Retreat, Spring Mountain Vineyard, Napa, California, August 2. What we're saying is that there is a technology emerging from behavioral economics. It's not only an abstract thing. You can do things with it.

We are just at the beginning. I thought that the input of psychology into behavioral economics was done. But hearing Sendhil was very encouraging because there was a lot of new psychology there. That conversation is continuing and it looks to me as if that conversation is going to go forward. It's pretty intuitive, based on research, good theory, and important. Daniel Kahneman. Edge Master Class 2. Richard Thaler, Sendhil Mullainathan, Daniel Kahneman.

Sonoma, CA, July 2. A decade ago, Edge convened its first "Master Class" in Napa, California, in which psychologist and Nobel Laureate Daniel Kahneman taught a nine- hour course: "A Short Course On Thinking About Thinking." The attendees were a "who's who" of the new global business culture. The following year, in 2. Richard Thaler, the father of behavioral economics, to continue the conversation by organizing and leading the class: "A Short Course On Behavioral Economics." Thaler arrived at Stanford in the 1.

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Kahneman and his late partner, Amos Tversky. Thaler, in turn, asked Harvard economist and former student Sendhil Mullainathan, as well as Kahneman, to teach the class with him. The entire text to the 2. Master Class is available online, along with video highlights of the talks and a photo gallery. The text also appears in a book privately published by Edge Foundation, Inc.

Whereas the focus for Kahneman's 2. Master Class was on psychology, in 2. As Kahneman noted: "There's new technology emerging from behavioral economics, and we are just starting to make use of that. I thought the input of psychology into economics was finished, but clearly it's not!"The Master Classes are the most recent iteration in Edge's development, which began its activities under the name "The Reality Club" in 1. Edge is different from The Algonquin, The Apostles, The Bloomsbury Group, or The Club, but it offers the same quality of intellectual adventure. The closest resemblances are to The Invisible College and the Lunar Society of Birmingham.

In contemporary terms, this results in Edge having a Google Page. Rank of "8," the same as The Atlantic, Corriere della Sera, The Economist, the Financial Times, Le Monde, The New Yorker, the New Statesman, Vanity Fair, the Wall Street Journal, the Washington Post, among others. The early seventeenth- century Invisible College was a precursor to the Royal Society. Its members consisted of scientists such as Robert Boyle, John Wallis, and Robert Hooke.

The Society's common theme was to acquire knowledge through experimental investigation. Another example is the nineteenth- century Lunar Society of Birmingham, an informal club of the leading cultural figures of the new industrial age—James Watt, Erasmus Darwin, Josiah Wedgwood, Joseph Priestley, and Benjamin Franklin.

In a similar fashion, Edge, through its Master Classes, gathers together intellectuals and technology pioneers. George Dyson, in his summary (below) of the second day of the proceedings, writes: Retreating to the luxury of Sonoma to discuss economic theory in mid- 2. Fiddling while Rome Burns. Do the architects of Microsoft, Amazon, Google, Pay. Pal, and Facebook have anything to teach the behavioral economists—and anything to learn? So what? What's new?? As it turns out, all kinds of things are new.

Entirely new economic structures and pathways have come into existence in the past few years. Indeed, as one distinguished European visitor noted, the weekend, which involved the two- day Master Class in Sonoma followed by a San Francisco dinner, was "a remarkable gathering of outstanding minds. These are the people that are rewriting our global culture."— John Brockman, Editor. RICHARD H. THALER is the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at Chicago's Booth School of Business and director of the University of Chicago’s Center for Decision Research. He is coauthor (with Cass Sunstein) of Nudge: Improving Decisions About Health, Wealth, and Happiness, and author of Misbehaving. Thaler is the recipient of the 2. Nobel Prize in economics. Richard Thaler's Edge Bio Page.