Richard Thaler

Framing effects show that the way information is presented can significantly alter choices.

The default option is incredibly powerful.

People are busy, they are distracted, and they often choose the path of least resistance.

If you want to change behavior, you have to understand the psychology of the people you're trying to influence.

The 'invisible hand' of the market is sometimes a bit clumsy.

Economics should be about people, not just models.

The idea that people are rational is a convenient assumption, but it's not always true.

Behavioral economics is not a rejection of traditional economics, but an enrichment of it.

We are all susceptible to cognitive biases.

Good policy design requires an understanding of human behavior.

The power of defaults is often underestimated.

People are more likely to save for retirement if they are automatically enrolled in a plan.

The best way to help people make better decisions is to make it easier for them to do so.

Behavioral economics is about understanding how people actually make decisions, not how they should make them.

The 'Econs' of traditional economics are mythical creatures.

The world is messy, and so are human decisions.

We need to design systems that work for humans, not just for Econs.

The insights of behavioral economics can be applied to a wide range of problems, from personal finance to public policy.

It's not about telling people what to do, it's about helping them do what they want to do.

The power of social norms is often overlooked.