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" 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
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" It's hard to have any idea of how much money is enough to finance an appropriate lifestyle in retirement. But if a lump sum is translated into a monthly income, it's much easier to determine whether you have enough put away to afford to stop working. "
Richard Thaler
Money
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" I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else. "
Richard Thaler
More
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I Think
" 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
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Opportunities
" The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine. "
Richard Thaler
Want
Wife
Wine
" Don't get trapped by looking at what the price was that you paid for some stock originally. "
Richard Thaler
Trapped
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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. "
Richard Thaler
Used
Complicated
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" If you want to encourage some activity, make it easy. "
Richard Thaler
You
Activity
Easy
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" 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. "
Richard Thaler
You
Professional
Think
" 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
" 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
" If we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies. "
Richard Thaler
Same
High
Bad
" It is true that I am one of the co-authors of 'Nudge,' and I am a behavioral economist, but it does not mean that everything we write about in that book is behavioral economics, nor does it mean that my co-author, the distinguished legal scholar Cass Sunstein, is a behavioral economist. "
Richard Thaler
Book
Economics
True
" One of society's thorniest problems is that children from poor families start school lagging badly behind their more affluent classmates in readiness. "
Richard Thaler
Children
Society
School
" 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. "
Richard Thaler
Path
Smart
Hurricane
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" We could all use more coaching. "
Richard Thaler
More
Could
Coaching
" 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
" 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
" 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. "
Richard Thaler
Education
Financial
Work
" For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars. "
Richard Thaler
Build
People
Problems
" 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
" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "
Richard Thaler
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
" I try to teach people to make fewer mistakes. But in designing economic policies, we need to take full account of the fact that people are busy, they're absent minded, they're lazy, and that we should try to make things as easy for them as possible. "
Richard Thaler
Need
People
Mistakes
" 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
" 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
" 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. "
Richard Thaler
View
Believe
Vote
" Shopping for an annuity with hundreds of thousands of dollars at stake can be daunting, even for an economist. "
Richard Thaler
Dollars
Shopping
Even
" 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