A Quote by Richard Thaler
I practice what has come to be called behavioral economics.
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How could economics not be behavioral? If it isn't behavioral, what the hell is it?
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.
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.
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.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
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.
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.
The problem is a lot of what is called economics is not economics. It is more ideology or religion.
Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping.
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.
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.
[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.
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