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Richard Thaler Quotes
Richard Thaler
Profession : Economist
Birth : September 12, 1945
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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
If governments want to encourage good citizenship, they should try making the desired behavior more fun.
Richard Thaler
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
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
How can government reduce the frequency and the severity of future catastrophes? Companies that have the potential to create significant harm must be required to pay for the costs they inflict, either before or after the fact. Economists agree on this general approach. The problem is in putting such a policy into effect.
Richard Thaler
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
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
Shopping for an annuity with hundreds of thousands of dollars at stake can be daunting, even for an economist.
Richard Thaler
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
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
If we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies.
Richard Thaler
I don't think it says anywhere in the Bible that tithing should be calculated on a before-tax basis.
Richard Thaler
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
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.
Richard Thaler
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
One reason for high health care costs is that patients fail to follow their treatment regimen.
Richard Thaler
Parents want their children to excel, callers to a victims' hot line want help, and sick people want to get well. Offering aids is like providing an alarm clock: it may help people get to an appointment on time, but no one is forcing them to use it.
Richard Thaler
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
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