Behavioural economics reveals the irrational decision-maker in all of us Humans are pretty complicated creatures — but that hasn’t always been reflected in the influential field of economics. Economic models based on assumptions we are fully emotionless have, however, given … Continue reading Economists are not normal
Baffling bathrooms: On navigability and choice architecture The Nobel Award ceremonies in Stockholm in December are a grand affair. Lodging at the Grand Hotel is part and parcel of the grandeur. We enjoyed this privilege in December of 2017, when … Continue reading The bathroom experience
The Elephant In The Room: How The Financial Industry’s Shunning Of Emotions Fails Its Clients I don’t think professor Richard Thaler is going to return my calls anymore. Sure, he was gracious enough to give me an interview after his … Continue reading Financial Planning Done Right
Do people like government ‘nudges’? Study says: Yes On Oct. 9, Richard Thaler of the University of Chicago won the Nobel Prize for his extraordinary, world-transforming work in behavioral economics. In its press release, the Royal Swedish Academy of Sciences … Continue reading A world of nudges
Britons just need nudge to drive better or opt for healthier drinks, says report Britons are making healthier drink choices, driving on safer roads and achieving higher exam scores with the help of a nudge, according to a report. The … Continue reading Nudging in UK
Richard Thaler won the Nobel Prize for making economics more human — and more real In 1996, an Israeli psychologist named Amos Tversky was curiously, but fulsomely, eulogized for having urged economists to put down their formulas and look out … Continue reading The economist on the beach
Much Ado About Nudging In their provocative paper, “Putting Nudges in Perspective”, George Loewenstein and Nick Chater attempt to correct what they perceive to be a serious problem in the research agenda of applying behavioral economics to public policy. The … Continue reading Are prohibitions ineffective?