Richard Thaler
Richard Thaler
Richard H. Thaleris an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business...
Richard Thaler quotes about
definition prices
The median person still thought that their prices were going to go up. That's the definition of a bubble.
cancer papers picking predicting school students subjects survival
There have been hundreds of papers on subjects from picking students for a school to predicting the survival of cancer patients.
money ties gold
Why tie to gold? Why not 1982 Bordeaux?
differences car mind
Investors must keep in mind that there's a difference between a good company and a good stock. After all, you can buy a good car but pay too much for it.
retirement credit debt
Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
choices action cases
There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action.
rip naps years
Rip Van Winkle would be the ideal stock market investor: Rip could invest in the market before his nap and when he woke up 20 years later, he'd be happy. He would have been asleep through all the ups and downs in between. But few investors resemble Mr. Van Winkle. The more often an investor counts his money - or looks at the value of his mutual funds in the newspaper - the lower his risk tolerance.
optimistic skills people
People exaggerate their own skills. they are optimistic about their prospects and overconfident about their guesses, including which managers to pick.
retirement able should
Every American worker should be able to save for retirement via payroll deductions.
goal people want
My mantra is if you want to help people accomplish some goal, make it easy.
rare-events swans giving
So the world is much more correlated than we give credit to. And so we see more of what Nassim Taleb calls "black swan events" - rare events happen more often than they should because the world is more correlated.
should-have years long
The reason is they failed to learned the primary lesson we should have learned from when Long Term Capital Management went belly up ten years ago. That is, investments that seem uncorrelated can be correlated simply because we're interested in it.
nudge attention environment
So, what's a nudge? A nudge is some small feature of the environment that attracts our attention and alters our behavior.
assumption figures plans
The assumption that everybody will figure out how much they have to save and then will just implement that plan is obviously preposterous.