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Richard Thaler Quotes
Richard Thaler
Profession : Economist
Birth : September 12, 1945
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Don't get trapped by looking at what the price was that you paid for some stock originally.
Richard Thaler
You can't make evidence-based policy decisions without evidence.
Richard Thaler
As every successful parent learns, one way to encourage good behavior, from room-cleaning to tooth-brushing, is to make it fun. Not surprisingly, the same principle applies to adults. Adults like to have fun, too.
Richard Thaler
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
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
For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars.
Richard Thaler
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.
Richard Thaler
Sunk costs? We pay too much attention to them.
Richard Thaler
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
We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy.
Richard Thaler
A nudge is some feature of the environment that changes the behaviour of humans but would not change the behaviour of rational economic agents, what we call Econs.
Richard Thaler
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
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
We could all use more coaching.
Richard Thaler
When it comes to assessing the chances of some complicated combination of events, gut feelings are pretty much useless.
Richard Thaler
I practice what has come to be called behavioral economics.
Richard Thaler
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
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
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
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
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