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My thesis topic was 'The value of a human life.' I asked people a question: 'Suppose you had some risk, a one in a thousand risk of dying - how much would you pay to eliminate it?'
- Richard Thaler
#Human Life
#Human
#Life
#People
#Value
People make just as many mistakes when the stakes go up, maybe more.
- Richard Thaler
#Go
#Mistakes
#More
#People
#Up
If there is one thing that most economists agree about in the realm of tax policy, it is that it's best to broaden the base of any tax, all else being equal. That means minimizing the number of deductions and exclusions from taxable income in order to lower marginal rates and reduce distortions.
- Richard Thaler
#Agree
#Best
#Economists
#Equal
#Order
'Fun money' is another thing that makes no sense to traditional economists. Because there's just money; there's no 'fun money.' It's all supposed to be the same.
- Richard Thaler
#Economists
#Fun
#Just
#Money
#No Sense
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
#Economics
#I Am
#Legal
#Scholar
#True
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.
- Richard Thaler
#Doctor
#Enough
#Family
#Legal
#Must
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
#Bridge
#Environmental
#Government
#Table
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.
- Richard Thaler
#Finance
#I Am
#Learning
#School
#Trying
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
#Book
#Copy
#Good
#Harvard
#Law
Social Security may be the most beloved of all the government's programs, partly because it requires so little thinking. You pay taxes while you work, then you and your spouse collect until you die.
- Richard Thaler
#Government
#Security
#Thinking
#Work
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
#Enough
#Finance
#Lifestyle
#Money
#Stop
Leaders are important but not omnipotent.
- Richard Thaler
#Important
#Leaders
#Omnipotent
When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out.
- Richard Thaler
#Choose
#First
#Plan
#Retirement
#Savings
It makes sense for social scientists to become more involved in policy because many of society's most challenging problems are, in essence, behavioral.
- Richard Thaler
#More
#Policy
#Problems
#Sense
#Social
#Society
If you want to encourage some activity, make it easy.
- Richard Thaler
#Activity
#Easy
#Make
#Some
#Want
Signing up to be an organ donor should be at least as easy as downloading a song to your iPhone.
- Richard Thaler
#Easy
#iPhone
#Song
#Up
#Your
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.
- Richard Thaler
#Credit
#Fruit
#Money
#People
#Understand
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
#Food
#People
#Real
#Sometimes
#Trouble
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
#Behavior
#Economics
#Enough
#Real
#Smart
For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars.
- Richard Thaler
#Build
#Own
#People
#Problems
#Retirement
Don't get trapped by looking at what the price was that you paid for some stock originally.
- Richard Thaler
#Get
#Looking
#Paid
#Price
#Trapped
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
#Advice
#Economists
#Government
#Lawyers
#Need
#Who
We humans actually need help controlling our impulses - nudges.
- Richard Thaler
#Actually
#Controlling
#Help
#Need
#Our
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
#Consumer
#Fine
#Newspaper
#Pay
#Walls
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
#Money
#Obesity
#Peace
#Problems
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.
- Richard Thaler
#Credit
#Home
#Morality
#Moving
#Serious
Lotteries are just one way to provide positive reinforcement. Their power comes from the fact that the chance of winning the prize is overvalued.
- Richard Thaler
#Chance
#Positive
#Power
#Way
#Winning
The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.
- Richard Thaler
#Economics
#Human
#Lesson
#Understand
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