Richard Thaler

Nudges are all around you. They might help you choose your meal at a restaurant, navigate a busy airport terminal, or start saving for the future. But nudges are often subtle, so you might not notice them until they’re pointed out. In this episode of Choiceology with Katy Milkman, we’re doing things a little differently. This episode is your guide to the many ways nudges have changed the world for the better. We'll revisit examples of nudges you may recognize from previous episodes of Choiceology. UCLA professor Shlomo Benartzi explains why defaults help more people save for retirement. University of Chicago professor Ayelet Fishbach reminds us how making the best choice a fun one is a great way to encourage better decisions. Harvard professor Todd Rogers discusses how social norms can help people reduce water and energy usage in hotels. You'll hear a feature interview with Nobel Prize-winning economist Richard Thaler, who along with Harvard law professor Cass Sunstein popularized nudges more than a decade ago in their book Nudge: Improving Decisions About Health, Wealth, and Happiness. And Cass Sunstein himself talks about how simplifying application forms can have an outsized impact on financial aid programs for students.Richard Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago's Booth School of Business. He is the author of several books, including Nudge: The Final Edition and Misbehaving: The Making Of Behavioral Economics.Next, you'll hear from cognitive scientist Maya Shankar about how reading Nudge led her to work in the White House. She served as a senior advisor in the federal government where she founded the White House Social and Behavioral Sciences Team. She's also the creator, host, and executive producer of the award-winning podcast A Slight Change of Plans.Finally, Katy discusses ways you can incorporate nudges in your own life to help you make better decisions. Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important DisclosuresAll expressions of opinion are subject to change without notice in reaction to shifting market conditions.The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Investing involves risk, including loss of principal.The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.(0422-2A4K)

Richard Thaler, Nobel Prize-winning economist, discusses the concept of friction and 'sludge' in decision-making. Susan Budowski shares stories of people struggling to get out of timeshare contracts. Wendy Wood talks about leveraging friction for positive habits. The podcast explores subscription traps and the impact of friction on behavior change.

Richard Thaler, a Nobel laureate and pioneer in behavioral economics, shares his journey from unlikely winner to academic influencer. He humorously discusses human irrationality and how small 'nudges' can improve decision-making in finance and charity. Thaler reflects on past economic crises, the impact of behavioral insights on policies, and challenges like Bitcoin skepticism. He also candidly addresses the complexities of life after winning the Nobel Prize, emphasizing that success doesn't shield one from daily struggles.

Richard Thaler, a Nobel Prize-winning economics professor at the University of Chicago and co-author of "Nudge," explores the evolution of behavioral economics. He discusses the enduring relevance of nudging in light of global crises like financial meltdowns and pandemics. Thaler delves into the ethics of organ donation systems, innovative nudges to improve female labor participation, and the impact of major tech companies on social support disparities. With insightful humor, he emphasizes how small changes in choice architecture can lead to significant behavioral shifts.

Richard Thaler, economista Nobel y pionero en teoría del comportamiento, y Cass Sunstein, jurista y académico influyente, discuten cómo nuestras decisiones están moldeadas por la presentación de opciones. Revelan cómo gobiernos, empresas y otros pueden actuar como 'arquitectos de la elección' para mejorar decisiones en salud, finanzas y educación. Enfatizan el uso de 'empujones' para guiar elecciones más informadas y reflexionan sobre la importancia de la lectura para emprender, destacando cómo los pequeños cambios pueden tener grandes impactos en la sociedad.

In this entertaining conversation, Richard Thaler, a Nobel laureate and pioneering behavioral economist, shares his insights on the complexities of decision-making. He humorously explores how emotions influence our choices and the importance of nudges in shaping behavior. Thaler admits economists often miss their blind spots while dissecting the evolution of behavioral economics. He emphasizes the necessity of broader systemic changes in areas like climate change, all while maintaining a refreshingly optimistic outlook.

This podcast features past guests like Ed Thorp, Richard Thaler, Jeremy Grantham, and more discussing the challenges and benefits of diversified portfolios during market downturns, analyzing asset allocation performance against the S&P 500, and exploring strategies for global diversification and risk management in investing.

Richard Thaler, Nobel Prize winner in Economic Sciences, shares his insights on the complexities of human decision-making and habit formation. He introduces the concept of 'nudges,' small changes that can significantly influence choices, contrasting them with 'sludges' that complicate decisions. The discussion delves into behavioral economics and its real-world applications, including financial decision-making and climate change solutions. Thaler also highlights the importance of understanding our irrational behaviors to foster personal growth and happiness.

Nobel Prize Winner Professor Richard Thaler, Cambridge University's Lucia A. Reisch, and BIT CEO and founder Professor David Halpern discuss achieving behavior change for net zero carbon emissions by 2050, addressing the role of corporations and government, the effectiveness of green energy defaults, catalyzing behavior change through technology, and the potential of green pensions and renewable energy infrastructure.

Join Richard Thaler, Cass Sunstein, and Maya Shankar in this special episode celebrating the 10 year anniversary of the Behavioural Insights Team. They discuss the origins of 'nudge', the role of behavioral insight strategies in government agencies, using experimental methods for positive outcomes, Richard's involvement with the White House, regrets and trade-offs in policy-making, and the global impact of the UK Behavioral Insights Team.