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" Anybody who's ever been in a large organization realizes that 'optimizing' is not a word that would often be used to describe any large organization. The reason is that it's full of people, who are complicated. "

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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. "

Richard Thaler

Demand

Price

Two

" 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

" Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued. "

" I practice what has come to be called behavioral economics. "

" People make just as many mistakes when the stakes go up, maybe more. "

Richard Thaler

Just

Mistakes

" If governments want to encourage good citizenship, they should try making the desired behavior more fun. "

" 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

You

" 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. "

" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "

" Even a mother - Jewish or not - can't worry about everything. So it is important that we limit our worries to real as opposed to imaginary risks. "

" You go out on the practice range, and something kind of clicks, and you start hitting the ball very crisply. And you're sure that you've found it, the holy grail - that all you have to do is hold your hand in a certain way. Then you go out on the golf course, and it's completely disappeared. "

" God did not say that you should be able to borrow one hundred percent of the price of a house. "

" Companies are accumulating vast amounts of information about your likes and dislikes. But they are doing this not only because you're interesting. The more they know, the more money they can make. "

" How can government reduce the frequency and the severity of future catastrophes? Companies that have the potential to create significant harm must be required to pay for the costs they inflict, either before or after the fact. Economists agree on this general approach. The problem is in putting such a policy into effect. "

" 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. "

" If you want to encourage some activity, make it easy. "

" It makes sense for social scientists to become more involved in policy because many of society's most challenging problems are, in essence, behavioral. "

Richard Thaler

Society

Become

" 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. "

" Social Security may be the most beloved of all the government's programs, partly because it requires so little thinking. You pay taxes while you work, then you and your spouse collect until you die. "

" 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. "

" You can't make evidence-based policy decisions without evidence. "

" We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy. "

" 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. "

" 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. "

" The lesson for businesses is you are dealing with real people. Those are your customers, those are your employees, those are your bosses, and the better you understand how real people tick, the more successfully you will be able to accomplish your goals. "

" If the government can manage to collect and release personal information in a secure and useful way, so can private companies, which will empower consumers to become better shoppers. "

" I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else. "

Richard Thaler

Economists

I Think

" The good thing I will say about the Chicago School is that it was always about the world, not about the abstract. "

" We should at least make sure that patients are given the opportunity to opt out of spending their final days in a hospital, hooked up to tubes and running up enormous bills. "

" 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. "