Richard Thaler

Economics without psychology is incomplete.

Loss aversion: Twice as powerful as gain seeking.

The curse of knowledge: Experts forget what it's like not to know.

Behavioral insights can improve public policy dramatically.

People plan hypothetically but act concretely.

The availability heuristic: Recent events seem more likely.

In life, small nudges can lead to big changes.

Traditional economics ignores emotions; we can't.

Confirmation bias: We seek info that confirms our beliefs.

Organ donation rates soar with opt-out systems.

The power of defaults is one of the most important discoveries.

Humans are Econs in theory, Humans in practice.

Regret minimization: We avoid choices that might lead to regret.

Behavioral economics won the Nobel because it's useful.

Life is too short for bad decisions; nudges help.

The planner in us wants to save; the doer spends.

Economics should be descriptive, not just prescriptive.

Witty remark: If economists were as rational as they assume, they'd be rich!

Self-control problems are universal; solutions are ingenious.

The beauty of nudges: They respect freedom while guiding gently.