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Richard H. Thaler Quotes

Richard H. Thaler quote from classy quote

My hunch is that as the importance of a decision grows, the tendency to rely on quantitative analyses done by others tends to shrink. When the championship or the future of the company is on the line, managers tend to rely on their gut instincts.

~ Richard H. Thaler

Richard H. Thaler Data Decision Making Economics

A choice architect has the responsibility for organizing the context in which people make decisions. [T]here are many parallels between choice architecture and more traditional forms of architecture. A crucial parallel is that there is no such thing as a “neutral” design. [A]s good architects know, seemingly arbitrary decisions, such as where to locate the bathrooms, will have subtle influences on how the people who use the building interact. [S]mall and apparently insignificant details can have major impacts on people’s behavior. [I]n many cases, the power of these small details comes from focusing the attention of users in a particular direction. Good architects realize that although they can’t build the perfect building, they can make some design choices that will have beneficial effects. And just as a building architect must eventually build some particular building, a choice architect must [for example] choose a particular arrangement of food options at lunch, and by so doing she can influence what people eat. She can nudge.

~ Richard H. Thaler

Richard H. Thaler Choice Architecture Cognitive Psychology Cognitive Science Decision Science Decisions Libertarian Paternalism Nudge Nudging Social Psychology
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