Nudge: improving decisions about health, wealth and happiness

LSE public lecture

Standard economic analyses rely on an unrealistic model of human behavior in which economic agents are hyperrational robots. Modern behavioral economics takes a more realistic approach and assumes that economics agents are humans, who sometimes forget where they put their keys, panic in the face of economic volatility, and are growing more obese by the day. The theme of Nudge is that it is possible to help such humans make better choices without taking away their freedoms, just by giving them a gentle nudge. The financial crisis of 2008 makes the message of Nudge more relevant than ever, both in determining how we got into this mess, how we can get out, and how we can prevent another crisis.

Richard Thaler is the Ralph and Dorothy Keller Distinguished Service Professor of Economics and Behavioral Science at the Booth School of Business, University of Chicago. He is considered one of the founders of behavioral economics and finance. He has written about a diverse set of topics from investor behavior and the psychology of the stock market to an analysis of behavior of participants on the television game show Deal or No Deal. He is the co-author of Nudge: improving decisions about health, wealth and happiness.

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