Billy Foster, PhD

Billy Foster

Clinical Assistant Professor of Economics at

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Ask a physicist how long it would take a bowling ball to land if you dropped it from the roof of your house. He will happily assume that your house is located in a vacuum, and then proceed to calculate the right answer. Ask an engineer to predict the path of a billiard ball after it is struck at a certain angle. He will assume that there is no such thing as friction, and the accuracy of his prediction will give him no cause for regret. Ask an economist to predict the effects of a rise in the gasoline tax. He will assume that all people are rational and give you a pretty accurate response. — Steven E. Landsburg, The Armchair Economist (1993)

Posts Tagged ‘behavioral economics’

A look at some kids asked to endure the pain that is patience.

Behavioral Economics
Course Numbers:
UIC – ECON 390


“Non decipitur qui scit se decipi: he is not deceived who knows himself to be deceived.”

-Maxim of Roman Law
(from The Student’s Law Lexicon: A Dictionary of Legal Words and Phrases by William Cox Cochran)

“Homo economicus is dead, but whose Homo behavioralis will replace him?”

- Ken Binmore, University College London


This course will discuss recent developments in behavioral economics. The focus will be on economic behavior, heuristics, and experimental economics.


Nudge: Improving Decisions About Health, Wealth, and Happiness
Richard Thaler and Cass R. Sunstein
Publisher: Yale University Press
ISBN: 0300122233

Thinking, Fast and Slow
Daniel Kahneman
Publisher: Farrar, Strauss and Giroux
ISBN: 978-0374275631

Predictably Irrational: The Hidden Forces That Shape Our Decisions
Dan Ariely
Publisher: HarperCollins
ISBN: 006135323X

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