Richard Thaler
Richard Thaler
Richard H. Thaleris an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business...
thinking law drunk
When should we nudge and when should we shove, I think, it's a political judgment. Obviously in some situations we need shoves, we need laws. Fraud is against the law, murder is against the law, drunk-driving is against the law. We don't need just nudges.
thinking people risk
I think the people who've been the most overconfident in our business in the last decade have been the people that called themselves risk managers.
thinking people balance
Is there a market for somebody selling a credit card that helps people pay down their balances? I think the question is yes. But it would have to be sold by a bank that's really willing to invest in being a trusted partner with its consumers, because they will make less money on each consumer.
thinking incentives lessons
I think we also have learned the lesson that we have to have better incentive structures.
thinking people recalls
Recall that people like to do what most people think it is right to do; recall too that people like to do what most people actually do.
thinking giving risk
I think one lesson we have to learn is that there's a lot more risk than we're giving credit to, a lot more what economist calls systematic risk.
thinking people reason
There's no reason to think that markets always drive people to what's good for them.
deep internet moment prove stocks
At the moment no one can prove that these Internet stocks are overpriced. But many of us have deep suspicions.
cancer papers picking predicting school students subjects survival
There have been hundreds of papers on subjects from picking students for a school to predicting the survival of cancer patients.
choice choices doubt high observe people pure rarely
There is no doubt that these are real people making real choices for high stakes, and we rarely get to observe such pure decisions.
definition prices
The median person still thought that their prices were going to go up. That's the definition of a bubble.
retirement self saving
Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control.
simple two people
One simple step firms can take is make sure that people that are getting paid a lot of money, say more than a million or two, that a big chunk of that money is deferred. That's going to change the whole ballgame.
mean years people
The money has to be deferred with what they call "clawback," which means they can get it back if I lose it all. So that guy making ten million a year selling credit default swaps, if we're going to keep five million of it in escrow for ten years, and with the right to go back and get it, if he starts losing money, then we're going to give people the right incentives not too take so much risk.