A Quote by Charlie Munger
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Related Quotes
It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist.
Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control.
I started to read as obsessively about Star Wars as I once did about Kant - and still do about behavioral economics and behavioral psychology.
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
I love Richard Thaler's 'Quasi Rational Economics.' A collection of some of his most interesting and inventive essays, the real foundation of behavioral economics.
I practice what has come to be called behavioral economics.
The lesson from behavioral economics is that people only save if it's automatic.
One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.
The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping.
In the world of traditional economics, it shouldn't matter whether you use an opt-in or opt-out system. So long as the costs of registering as a donor or a nondonor are low, the results should be similar. But many findings of behavioral economics show that tiny disparities in such rules can make a big difference.
One of the peculiarities of economics is that it still rests on a behavioral assumption-rational utility maximization-that has long since been rejected by sociologists and psychologists.
The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.
[There will be movement toward] behavioral economics... [which] involves study of those aspects of men's images, or cognitive and affective structures that are more relevant to economic decisions.
Drugs are about dulling perception, about addiction and about behavioral repetition...What *psychedelics* are about is pattern- dissolving experiences of an extraordinarily high or different awareness. They are the exact opposite of drugs. They promote questioning , they promote consciousness, they promote value examinations, they promote the reconstruction of behavioral patterns.
Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.
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