A Quote by 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.
Related Quotes
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.
One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.
Rather than assuming Terms of Service are equivalent to informed consent, platforms should offer opt-in settings where users can choose to join experimental panels. If they don't opt in, they aren't forced to participate.
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.
The player option allows me to, hopefully, sign a lucrative deal in my prime, before retirement. If you're in a situation where you've played to a level where you can make more money, then you opt out and you make more money. And if you play really poorly, then you opt in and take the money that's scheduled to be on that piece of paper.
Most intellectuals outside the field of economics show remarkably little interest in learning even the basic fundamentals of economics. Yet they do not hesitate to make sweeping pronouncements about the economy in general, businesses in particular, and the many issues revolving around what is called 'income distribution'.
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Economics is not a science, in the sense that a policy can be repeatedly applied under similar conditions and will repeatedly produce similar results.
The data are what matter in economics, and the more ruthlessness that an economist can summon to make sense of the data, the more useful his findings will be.
For too long the U.S. immigration system has focused on accepting low-skilled immigrants. Basic economics tells us that the surge of low-skilled workers depresses wages and harms the prospects of American workers.
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.
Religion is a way to make order from chaos, and I think economics is not dissimilar. In religion and in economics, you're trying to figure out the way we perceive the world and move through it, and that's what I like to learn.
It's a fundamental aspect of the free enterprise system and economics: If there's no penalty associated with increased costs, why not lay on increased costs?
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
There are certain economics involved in making a network TV show that you want to amortize the costs of that, so the more episodes you make, the cheaper they all are individually.
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