Opinion Science
"...Ridiculous" Ep. 1: Beyond Anomalies
Feb 26, 2024
The podcast discusses the challenge to traditional economic theories, exploring the emergence of behavioral economics. It delves into the unexpected impact of savings programs, the unpredictability of cab drivers' behavior, and the market quirks of Royal Dutch Shell. The chapter highlights the importance of understanding human psychology in economic decision-making and the gap between economic models and real-world behavior.
38:15
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Quick takeaways
- Behavioral economics challenges traditional rational decision-making assumptions in economics.
- Real-world human decisions often diverge from traditional economic models, showcasing the importance of behavioral economics.
Deep dives
Tax Refunds as Significant Income for Low-Income Households
Low-income households rely heavily on tax refunds, often being the most significant payment they receive yearly. The Refund to Savings program, in collaboration with Intuit, aims to encourage savings by offering a free TurboTax version for low-income households. Through small adjustments in the tax filing process, the program has successfully increased savings deposits, generating over $94 million in additional savings deposits for around 65,000 savers.
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