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" A nudge is some feature of the environment that changes the behaviour of humans but would not change the behaviour of rational economic agents, what we call Econs. "
Richard Thaler
Economic
Environment
Changes
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" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "
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" If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can. "
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" As a general rule, the United States government is run by lawyers who occasionally take advice from economists. Others interested in helping the lawyers out need not apply. "
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Lawyers
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" When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out. "
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" The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists. "
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Demand
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" Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues. "
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" Doctors and hospitals should be paid for keeping their patients well. Paying them for doing more tests and surgeries creates bad incentives. "
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Paid
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" As both a consumer and producer of newspaper articles, I have no beef with pay walls. But before signing up, I read the fine print. "
Richard Thaler
Pay
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" 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
Understand
Economics
Lesson
" We all need a lot of humility, and especially about the economy. "
Richard Thaler
Economy
Humility
Lot
" Many Americans say they want to be organ donors, but they just don't get around to acting on their intentions. Helping these potential good Samaritans overcome their inertia could prolong thousands of lives a year. "
Richard Thaler
Acting
Good
Say
" If there is one thing that most economists agree about in the realm of tax policy, it is that it's best to broaden the base of any tax, all else being equal. That means minimizing the number of deductions and exclusions from taxable income in order to lower marginal rates and reduce distortions. "
Richard Thaler
Number
Tax
Best
" You can't make evidence-based policy decisions without evidence. "
Richard Thaler
Evidence
Make
You
" High school seniors should receive help in how to think about a student loan and how to make sure that the education bought with the loan offers good prospects for repayment. "
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Think
School
Good
" Academia does not provide many opportunities for immediate gratification. You work for two years on a project, it takes two more years to get it published, and then you start hoping someone might read it. "
Richard Thaler
Someone
You
Opportunities
" Most of us think that we are 'better than average' in most things. We are also 'miscalibrated,' meaning that our sense of the probability of events doesn't line up with reality. When we say we are sure about a certain fact, for example, we may well be right only half the time. "
Richard Thaler
Better
Think
Reality
" 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
Performance
Bad
Economics
" Tort reform is a complicated subject and not a panacea. "
Richard Thaler
Reform
Subject
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" The ability of businesses to monitor our behavior is already a fact of life, and it isn't going away. Of course we must protect our privacy rights. But if we're smart, we'll also use the data that is being collected to improve our own lives. "
Richard Thaler
Behavior
Smart
Privacy
" Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site. "
Richard Thaler
Principle
Web
Easy
" If you're not putting enough away for emergencies or retirement, making commitments in advance, such as signing up for payroll withholding, can help. "
Richard Thaler
Retirement
Up
You
" Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy. "
Richard Thaler
Financial
Curve
Generous
" People make just as many mistakes when the stakes go up, maybe more. "
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Just
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Mistakes
" 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
World
Economics
You
" Although the United States cannot unilaterally lower the price of oil, it can reduce its consumption by using oil more efficiently and by developing alternative sources of fuel. "
Richard Thaler
Fuel
Price
United States
" Leaders are important but not omnipotent. "
Richard Thaler
Leaders
Omnipotent
Important
" The main thing that you learn in grad school, or should learn, is how to think like an economist. The rest is just math. "
Richard Thaler
Think
Like
School
" Whenever I'm asked to autograph a copy of 'Nudge,' the book I wrote with Cass Sunstein, the Harvard law professor, I sign it, 'Nudge for good.' Unfortunately, that is meant as a plea, not an expectation. "
Richard Thaler
Good
Copy
Book
" The voting public is not very good at attributing credit and blame to presidents. They get too much credit when things go well and too much blame when things go badly. The same applies to coaches, C.E.O.'s, parents, and anyone else in charge. "
Richard Thaler
Blame
Credit
Go
" People are less likely to think it's immoral to walk away from their home if they know others who have done so. And if enough people do it, the stigma begins to erode. "
Richard Thaler
Know
Home
Enough