Tuesday, November 10, 2009

Q6 Fall 2009: Do you need a nudge?

Q6 Fall 2009: Do you need a nudge?:
"Richard Thaler outlines how principles from behavioral economics can help policymakers — and managers — achieve better outcomes.

Q: Could you explain some of the key ideas in Nudge: nudges, choice architecture, and libertarian paternalism?
'Libertarian paternalism' suggests that these two seemingly contradictory terms can actually define a non-contradictory and attractive policy alternative. ...So we would like to create environments where people are more likely to choose things that they, themselves, think are good for them."

The abover Thaler interview is part of an interesting series of articles in the Yale School of Management's Q6 which has a series of articles on behavioral aspects of economics and finance. For instance James Choi asks Are we good at making choices?, Christine Jolls tackles the question Can behavioral economics improve law?, Katleen D Vohs ponders Does money change your thinking? Andrew Lo questions whether Risk is Rational? and then the series concludes with What does a choice look like? which looks at brain scans to better understand decision making.

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