A Quote by Richard Thaler

The lesson from behavioral economics is that people only save if it's automatic.

Richard Thaler

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Automatic Behavioral Behavioral Economics Economics Lesson Only People Save

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Richard Thaler
American - Economist
Born: September 12, 1945

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.

Richard Thaler

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.

Richard Thaler

How could economics not be behavioral? If it isn't behavioral, what the hell is it?

Charlie Munger

The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Thomas Sowell

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.

Richard Thaler

I started to read as obsessively about Star Wars as I once did about Kant - and still do about behavioral economics and behavioral psychology.

Cass Sunstein

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.

Charlie Munger

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.

Cass Sunstein

In psychology and behavioral economics, people have shown that if you just describe options in a certain way, or make some features of a situation salient, you can get people to do and even see what you want. You don't have to be a Jedi to manipulate people's attention.

Cass Sunstein

I practice what has come to be called behavioral economics.

Richard Thaler

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.

Richard Thaler

One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.

Dan Ariely

The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.

Daniel Kahneman

If it doesn't feel right, don't do it. That is the lesson, and that lesson alone will save you a lot of grief.

Oprah Winfrey

Modern prophets say that our economics have failed us. No! It is not our economics which have failed; it is man who has failed-man who has forgotten God. Hence no manner of economic or political readjustment can possibly save our civilization; we can be saved only by a renovation of the inner man, only by a purging of our hearts and souls; for only by seeking first the Kingdom of God and His Justice will all these other things be added unto us.

Fulton J. Sheen

Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping.

Richard Thaler

A Quote by Richard Thaler

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