Question about Microeconomics

["Ellen Frank" <frank@xxxxxxxxxxxx>]

Dear Penners - I have a question for any of you out
there who keep up with academic microeconomic
theory, which I do not.

This past weekend, I read The Winner's Curse by
Thaler.  An interesting book. My main criticism is
that Thaler failed to draw out even the most
minimal implications of his discussion for policy
AND he concluded the book with this mealy-mouthed
expression of fealty to orthodoxy -- something
like neo-classical economics is not perfect, but its
the best we have.....

Thaler cites a ton of research being done by
experimental economists which is published in
mainstream journals and taught at "elite" grad
programs.  So my question is this.   What
effect (if any) does all this work have on
mainstream economics?   Has it made a
dent in the rational consumer armor of
undergrad intro texts (if so, I haven't seen it)?
Are there respected mainstream economists
who do follow through the policy implications
and publish them and do they get disseminated
beyond the rarified journals and NBER working
papers?

Thanks, 	Ellen Frank