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" 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. "
Richard Thaler
Think
School
Good
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" Don't get trapped by looking at what the price was that you paid for some stock originally. "
Richard Thaler
Trapped
Paid
Looking
" 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
" We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy. "
Richard Thaler
Our
Economy
Way
" 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. "
Richard Thaler
Wrong
Go
People
" The government employs scientists of many varieties in technical capacities, from estimating the environmental toxicity of a chemical to the structural soundness of a bridge. But when it comes to forming policies, these scientists and, especially, behavioral scientists are rarely at the table with the lawyers and the economists. "
Richard Thaler
Government
Environmental
Table
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "
Richard Thaler
Useless
Events
Feelings
" 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. "
Richard Thaler
Lawyers
Government
Advice
" Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued. "
Richard Thaler
Way
Power
Positive
" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "
Richard Thaler
Others
Relief
Rich
" I practice what has come to be called behavioral economics. "
Richard Thaler
Come
Economics
Behavioral
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" For amateur golfers, I think one of the biggest mistakes is to model their play on professionals. "
Richard Thaler
I Think
Model
Play
" God did not say that you should be able to borrow one hundred percent of the price of a house. "
Richard Thaler
Percent
You
God
" Doctors and hospitals should be paid for keeping their patients well. Paying them for doing more tests and surgeries creates bad incentives. "
Richard Thaler
Paid
More
Doing
" When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out. "
Richard Thaler
Employees
Out
Choose
" 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
" 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
" 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. "
Richard Thaler
Employees
You
People
" 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. "
Richard Thaler
Security
Work
Thinking
" In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans. "
Richard Thaler
Smart
Economics
Writing
" Coining a term is not the same as creating a field! "
Richard Thaler
Term
Creating
Field
" Everyone knows it's dangerous to ingest gasoline or to inhale its fumes. But I am starting to believe that merely thinking about the price of gasoline can damage cognitive processing. "
Richard Thaler
Thinking
I Am
Dangerous
" 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
" 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. "
Richard Thaler
Government
Problem
Potential
" There can be legal conflicts over whether registering intent is enough to qualify you as an organ donor or whether a doctor must still ask your family's permission. "
Richard Thaler
You
Doctor
Enough
" It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system. "
Richard Thaler
Bubbles
Bubble
Warning
" 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
" Countries all around the world, starting with the U.K., have started behavioural insight teams, often referred to as nudge units. And they seem to be doing lots of good. "
Richard Thaler
Doing
Starting
World
" 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