Behavioral economics from nuts to ‘nudges’
Richard Thaler at ChicagoBoothReview: “…Behavioral economics has come a long way from my initial set of stories. Behavioral economists of the current generation are using all the modern tools of economics, from theory to big data to structural models to neuroscience, and they are applying those tools to most of the domains in which economists practice their craft. This is crucial to making descriptive economics more accurate. As the last section of this lecture highlighted, they are also influencing public-policy makers around the world, with those in the private sector not far behind. Sunstein and I did not invent nudging—we just gave it a word. People have been nudging as long as they have been trying to influence other people. ….[READ]
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