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Behavioral economics Quote by Richard Thaler

“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.” quote by Richard Thaler — Download Open image

“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.”

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More by Richard Thaler

The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine.

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In some ways, the finding that financial education doesn't provide long-term payoffs is hardly surprising. After all, how much do you remember from your…

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Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place.

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If people just put away what's left at the end of the month, that's a recipe for failure.

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The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital…

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I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else.

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There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action.

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For amateur golfers, I think one of the biggest mistakes is to model their play on professionals.

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he card companies will often, as a courtesy, honor that credit card, but hit you with a penalty. And you keep swiping your card…

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We all need a lot of humility, and especially about the economy.

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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…

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If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to…

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Explore all 141 Richard Thaler quotes

More Behavioral economics quotes

It is true that from a behavioral economics perspective we are fallible, easily confused, not that smart, and often irrational. We are more like…

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One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.

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“ONE OF THE main differences between standard and behavioral economics involves this concept of “free lunches.” According to the assumptions of standard economics, all…

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“Groups have powerful self-reinforcing mechanisms at work. These can lead to group polarization—a tendency for members of the group to end up in a…

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“Neoclassical economics has effectively insulated itself from the great advances made in science and engineering over the last 40 years. This self-imposed isolation must…

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[There will be movement toward] behavioral economics... [which] involves study of those aspects of men's images, or cognitive and affective structures that are more…

Kenneth E. Boulding

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Behavioral economics can explain some things, but it's hard to explain a lot of the underlying processes that generate these decisions, much less some…

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Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to…

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“In fact quite generally, commercial advertising is fundamentally an effort to undermine markets. We should recognize that. If you’ve taken an economics course, you…

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“Wouldn't economics make a lot more sense if it were based on how people actually behave, instead of how they should behave?”

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January is always a good month for behavioral economics: Few things illustrate self-control as vividly as New Year's resolutions. February is even better, though,…

Sendhil Mullainathan

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How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably…

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Browse all 27 Behavioral economics quotes