Economists Quote by Richard Thaler
“Economists discount any factors that would not influence the thinking of a rational person.”
About This Quote
Source Book: “Misbehaving” by Richard Thaler, 2015
Economists often ignore factors that don’t affect rational decision‑making, overlooking real‑world influences.
In simple terms: Economists ignore non‑rational influences.
Key Takeaway
Consider psychological factors in economic models.
Themes
economics
behavioral science
irrationality
modeling
Mood
analytical
critical
Type
theoretical
educational
When to use this quote
- policy design
- marketing
- financial planning
Key Concepts
bounded rationality
psychology of decision making
Questions to Reflect On
- What non‑rational factors affect your choices?
- How can models incorporate emotion?
A Different Perspective
Real decisions are rarely fully rational.
