Misbehaving: The Making of Behavioral Economics

© Talks at Google

  • Richard Thaler
  • Endowment Effect
  • Scalping (倒賣)
  • Gouging – to poke a hole in something.
  • Nudge
  • Influence
  • People respond positively to social norms.
  • When you can, you should run experiments.
  • The only way you really to learn is to run experiments.
  • If you want to get people to do something, remove the barriers that are preventing them from doing it.
  • Make it easy.
  • What day of the year are the most queries for weight loss? January 1.
  • What day of the year are the most queries for hangover? January 1.
  • The Effcient Market Hypothesis.
  • You can’t beat the market – You can’t predict the future from the past or from anything else, because all information is impounded in today’s price.
  • The price is right – Assets prices are equal to their intrinsic value.
  • Behavioral Finance
  • There’s no better feature in a theory than untestability.
  • Everything turns out to be testable in the end.
  • You need some special circumstances to find obvious violations of that.
  • Closed end mutual fund – they sell a fixed amount of money, and then the shares are traded. And you buy and sell them. The shares can trade at a price different from the value of the asset they own.
  • CUBA – The day that President Obama made this announcement about relaxed terms with Cuba, the CUBA fund jumped to a 70% premium.
  • Presumed consent – We presume you give your permission unless you opt out.
  • Prompted choice
  • First person consent – The donor’s wishes count.
  • Politics is all about words, and all about framing.
  • Macroeconomics is nothing more than microeconomics plus summation signs.
  • We ought to be summing up based on behaviorally sound microeconomics.
  • Who is the best known behavioral economist of the 20th century of microeconomics: John Maynard Keynes.



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