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" 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. "
Richard Thaler
Decisions
Lawyer
Science
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" Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock. "
Richard Thaler
Need
Retirement
Trouble
" Traditional economics is based on imaginary creatures sometimes referred to as 'Homo economicus.' I call them Econs for short. Econs are amazingly smart and are free of emotion, distraction or self-control problems. Think Mr. Spock from 'Star Trek.' "
Richard Thaler
Smart
Free
Problems
" 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
" Don't get trapped by looking at what the price was that you paid for some stock originally. "
Richard Thaler
Trapped
Paid
Looking
" 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. "
Richard Thaler
Doing
Young
Reason
" 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
" 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
" You can't make evidence-based policy decisions without evidence. "
Richard Thaler
Evidence
Make
You
" Economists discount any factors that would not influence the thinking of a rational person. "
Richard Thaler
Person
Influence
Thinking
" Many problems are so complex that even if we had the money to fix them, we wouldn't know how to do it. Fixing inner-city schools, reducing obesity, creating peace in the Middle East are just a few examples. "
Richard Thaler
Know
Problems
Money
" We could all use more coaching. "
Richard Thaler
More
Could
Coaching
" 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
Organization
" 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. "
Richard Thaler
Good
Copy
Book
" I have an agent, John Brockman, who is an agent to many academic authors like Dan Gilbert and Steven Pinker, and he's very good at conning academics into writing books. He pulled this trick on me. "
Richard Thaler
Me
Writing
Like
" Tort reform is a complicated subject and not a panacea. "
Richard Thaler
Reform
Subject
Panacea
" 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
" 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
" One reason for high health care costs is that patients fail to follow their treatment regimen. "
Richard Thaler
Reason
Follow
Fail
" Here is a guiding principle: If a business collects data on consumers electronically, it should provide them with a version of that data that is easy to download and export to another Web site. "
Richard Thaler
Principle
Web
Easy
" 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
" 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
" 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. "
Richard Thaler
Pay
Producer
Walls
" 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
" 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
" Sunk costs? We pay too much attention to them. "
Richard Thaler
Much
Costs
Attention
" 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
" The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains. "
Richard Thaler
Large
Wealth
Never
" If you want to encourage some activity, make it easy. "
Richard Thaler
You
Activity
Easy
" 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
" 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