Richard Thaler

Richard H. Thaler, a Nobel Prize-winning behavioral economist, joins Nick Kokonas, entrepreneur and co-founder of Tock. They explore the flaws in traditional economic assumptions and how behavioral insights can reshape decision-making. Thaler discusses loss aversion's impact on markets and why people bid irrationally in auctions. They delve into practical applications of nudges, like using deposits to reduce restaurant no-shows. The duo also shares insights on mental accounting and the ethical implications of behavioral strategies.

Join Nobel Prize-winning behavioral economist Richard Thaler and fellow economist Alex Imas as they explore the quirks of human decision-making around money and time. They discuss the phenomenon of the endowment effect and why we cling to our possessions. Discover why people often procrastinate important tasks and how mental accounting influences our spending habits. Thaler shares practical strategies like the Save More Tomorrow program to improve financial decisions, while shedding light on our irrational tendencies in everyday life.

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) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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.

Join Nobel Prize winner Richard Thaler, known for his groundbreaking work in behavioral economics, and Alex Imas, an expert in decision-making and AI, as they delve into the fascinating anomalies of human behavior. They discuss the origins and evolution of their influential work, highlighting intriguing concepts like the endowment effect and fairness in economic decisions. The duo also explores how behavioral insights reshape market strategies, from sports analytics to retirement saving nudges, revealing why even experts often struggle with biases.

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, 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.

Join Richard Thaler, a Nobel laureate and pioneer of behavioral economics, as he delves into the fascinating world of decision-making anomalies. He explains the winner's curse through an engaging jelly bean auction experiment, revealing how auction winners often overestimate value. Thaler also discusses mental accounting, illustrating how we categorize money into budgets and how it influences our spending choices. With humor and insight, he shares real-world examples, reaffirming the importance of behavioral economics in understanding human behavior.

Join Richard Thaler, a Nobel Prize-winning economist and co-author of 'Nudge', as he dives into the fascinating world of behavioral economics. He reveals how governments can nudge us towards better choices, discussing the role of defaults in enhancing beneficial behaviors. Thaler warns about the dark side of defaults, especially in subscriptions, and shares insights on using AI tools to empower consumers. He also explores overbidding in auctions and how corporate incentives can lead to costly decisions. A thought-provoking conversation on making wiser choices!

Join Sam Bowles, a behavioral economist at the Santa Fe Institute, and Richard Thaler, Nobel Prize-winning professor at the University of Chicago, as they unpack the quirks of human economic behavior. They discuss the surprising acts of altruism during the COVID-19 pandemic and challenge traditional economic models that assume selfishness. From hoarding to community support, they explore why people often act against their self-interest and the implications this has for policy and societal values. It's a deep dive into the messy reality of economic decision-making!