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" One reason for high health care costs is that patients fail to follow their treatment regimen. "
Richard Thaler
Reason
Follow
Fail
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" If no estate tax is imposed, capital gains taxes can be avoided indefinitely. "
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" If you want to encourage some activity, make it easy. "
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" 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. "
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" There's a reason why start-ups, especially disruptive start-ups - like Google or Amazon or Uber - are full of young people. That's because young people are not as wedded to the old fashioned ways of doing things. "
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" We humans actually need help controlling our impulses - nudges. "
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" 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. "
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Smart
Economics
Writing
" Parents want their children to excel, callers to a victims' hot line want help, and sick people want to get well. Offering aids is like providing an alarm clock: it may help people get to an appointment on time, but no one is forcing them to use it. "
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Parents
Children
People
" The good thing I will say about the Chicago School is that it was always about the world, not about the abstract. "
Richard Thaler
Say
Good
Chicago
" Leaders are important but not omnipotent. "
Richard Thaler
Leaders
Omnipotent
Important
" It makes sense for social scientists to become more involved in policy because many of society's most challenging problems are, in essence, behavioral. "
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Society
Become
More
" 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
" 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
" For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars. "
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Build
People
Problems
" 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. "
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Empower
Better
Information
" In a democracy, if a government creates bad policies, it can be voted out of office. Competition in the private sector, however, can easily work to encourage phishing rather than stifle it. "
Richard Thaler
Government
Democracy
Work
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" 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. "
Richard Thaler
Golf
You
Way
" 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. "
Richard Thaler
Days
Hospital
Opportunity
" Tort reform is a complicated subject and not a panacea. "
Richard Thaler
Reform
Subject
Panacea
" 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. "
Richard Thaler
Risks
Limit
Important
" 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
" 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
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" The more we turn down questionable offers like trip insurance and scrutinize 'one month' trials, the less incentive companies will have to use such schemes. "
Richard Thaler
Trials
Turn
Down
" We all need a lot of humility, and especially about the economy. "
Richard Thaler
Economy
Humility
Lot
" It's essential that we understand things like the free-rider problem, but we also need to understand that, fortunately, humans are a little nicer than economists give them credit for. Some people actually leave money at roadside fruit stands; some people give money to NPR so we can listen to it. "
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Problem
People
Fruit
" We could all use more coaching. "
Richard Thaler
More
Could
Coaching
" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "
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Others
Relief
Rich
" Signing up to be an organ donor should be at least as easy as downloading a song to your iPhone. "
Richard Thaler
Should
Song
iPhone
" Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy. "
Richard Thaler
Financial
Curve
Generous