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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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" When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless. "

Richard Thaler

Useless

Events

Feelings

" 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. "

" Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place. "

" 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. "

" Claiming that Social Security benefits are safe may sound naive, but my view is actually quite cynical. I believe that as long as the elderly continue to vote in large numbers, no Congress will renege on promised payouts for those already eligible to receive benefits. "

" 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. "

" We could all use more coaching. "

Richard Thaler

Could

Coaching

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

" I am all for trying to teach household finance in schools, starting as early as possible. And when it comes to high school, I think learning about compound interest is at least as important as trigonometry or memorizing the names of all 50 state capitals. "

" 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. "

" 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. "

" In some ways, the finding that financial education doesn't provide long-term payoffs is hardly surprising. After all, how much do you remember from your high school chemistry class? Unless you use chemistry at work, you probably don't recall much about ionic bonding. "

" Morality aside, there are other factors deterring 'strategic defaults,' whether in recourse or nonrecourse states. These include the economic and emotional costs of giving up one's home and moving, the perceived social stigma of defaulting, and a serious hit to a borrower's credit rating. "

" 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. "

" Tort reform is a complicated subject and not a panacea. "

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

" Behavioral economics offers a plausible explanation for overreactions by the market. For example, a long period of bad performance can lead to stereotyping. "

" 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. "

" 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. "

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

Richard Thaler

Just

Mistakes

" 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. "

" 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. "

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

" Pundits are no better at forecasting election outcomes than they would be at predicting the final path of a hurricane. Smart pundits should consider either abandoning this activity or consulting with the geeks before rendering their guesses. "

" 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 we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies. "

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

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

" When it comes to my health, I would rather my doctor base her decisions on science rather than what she, or some lawyer, thinks will stand up in court. "

" Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy. "