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" 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. "

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" 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

" 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. "

" Signing up to be an organ donor should be at least as easy as downloading a song to your iPhone. "

" 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. "

" 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. "

" The sad truth is that many behavioral economists know very little about psychology. "

" The main thing that you learn in grad school, or should learn, is how to think like an economist. The rest is just math. "

Richard Thaler

Think

School

" Leaders are important but not omnipotent. "

" 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. "

" 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. "

" I don't think it says anywhere in the Bible that tithing should be calculated on a before-tax basis. "

" 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. "

" Don't get trapped by looking at what the price was that you paid for some stock originally. "

" Sunk costs? We pay too much attention to them. "

" One of society's thorniest problems is that children from poor families start school lagging badly behind their more affluent classmates in readiness. "

" 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. "

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

" The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists. "

" The tradition of Chicago price theory is a good one, and it is a low-tech methodology that tries to apply simple economic theory to the world. "

" 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. "

" One reason for high health care costs is that patients fail to follow their treatment regimen. "

Richard Thaler

Reason

Fail

" Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued. "

" I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else. "

Richard Thaler

Economists

I Think

" 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. "

" Most of us think that we are 'better than average' in most things. We are also 'miscalibrated,' meaning that our sense of the probability of events doesn't line up with reality. When we say we are sure about a certain fact, for example, we may well be right only half the time. "

" Demanding that the rich get a tax cut as a condition for tax relief for others is simply elitist. "

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

" 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. "

" Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement. "

" We all need a lot of humility, and especially about the economy. "