The upshot being that folks don't react rationally. Imagine that? There was a PBS short series in which Dr. Thaler, pointed that out, to less than rave reviews. People don't like to be shown that they act, sometimes, in ways that are not clever. I'm reading his book now. Like it a lot!
i just realized people in my town were nudged. There was a bad behavior by drivers, in which they didn't respect pedestrian crossings. So the town hall ordered municipal guards to apply a tough fine on drivers cought misbehaving in that area. The strict use of law was just temporary, but the social norms changed, and now drivers respect the pedestrian crossing even though guards are much less attentive to this offense nowadays.
nudge does not use coercion or punishment . if your municipality put up pictures of dead victims from the accidents or their family photo at crossings it could be considered as nudge but fines and punishment no
I recall vividly that I was at the CUNY Graduate Center (34th and Fifth Avenue) at noon of 9-11, and needed to get back to Rockland County, west of the Hudson. Public transit was down. I walked to the West Side Highway, and started hitching. A limo driver picked me up and asked for $20 to take me to the foot of the George Washington Bridge. I paid. The notion of surge pricing has both demand-side and supply-side effects. It encourages more drivers to be willing to deal with harsh conditions, and it rations supply. In the absence of surge pricing, the supply of cars would be rationed by increased waiting times. I am not sure that is a better solution. Yehuda Klein, Ph.D. Professor and Chair, Department of Economics The Koppelman School of Business at Brooklyn College
that makes sense. drivers in awful conditions have the right to raise prices due to additional wear and tear on the car and risks involved. outraged people have the choice of walking miles through a blizzard or pay for an expensive but well priced cab ride.
Snow emergencies ??? Don't go out per the local gov .. Drivers have to make money and can't be uncertain on their income. Think of a farmer sitting on a lonely road. He usually sells 5 gallons milk at $ each to buy $$$$$ of corn for his family dinner. He happened to sell one gallon all day .. for $$$$$ so he could buy corn. That is business and a man working hard.
It's been proven that once someone achieves all the wealth the perceive the will ever need, they feel even better if they take more. The rich intentionally take from those with less resources, and the more the take the better they feel. I find Behavioral Economics fascinating. People only behave from corrective punishment. .. The Tip comment .. I read that people inherently want equality. However when they cannot see the inequality and have to correct it but can't as they get confused and can't decide on what is equal distributions, and they keep what they could have shared. ..... And more on sincerity .. Koch blocks an individuals liberty and self determination by killing public transportation while organizing his $200,000,000 bribes to every level of government .. thinking you're not watching and resumes a 15 min speech claiming that is he is politically and socially active to help every person succeed by dismantling all government involvement in the economy, except for his trillions in corporate welfare.
Snow shovel price hike is completely fair. He has to make money that day... but in a blizzard who will go out? It is not about demand .. it is low business traffic
The sad truth is that most restaurant workers intentionally work at restaurants because they became so reliant on the tips that they didn't develop useful skills that could land them a better job. Now they're stuck. Sucks to be stupid
I was a waiter when I was in college, and the reason so many millennials become waiters is because you’re compensation is based on menu prices, which go up with inflation. So it’s the only jobs that pay somewhat decent, at least to college standards, while hourly jobs pay shit money. Wages have been stagnant or declining since the 1970s but we’ve gotten lots of inflation since then. So stupid isn’t a word I’d use. Many students don’t have much of a choice.
Anomalies. .I was just going to say you can poke holes in anything. You can continue to do so forever as people are creatures of habit and build the system we live in ... or avoid
I don't know whats wrong with the US? Here in Switzerland we have a 2 stage mandatory pension plan and after 67 you get a paycheck every month for life.....:-)
I could barely get through his book. College professors rant WAY too much. And the constant name dropping was incredibly annoying. Be prepared to skim A LOT if you want to read the behavioral economics part of the book.
Ok .. I'm given a ticket to x event worth $1000, and I didn't go, and didn't sell the ticket .. It's because I had better things to do and could care less about a trivial game and a piece of paper with an arbitrary value that may have fallen to $200 if I tried to sell them at the event. I see an opinion that people who don't concern themselves with consumption and hyper-consumerism are somehow making flawed decisions and perceived as irrational is in fact, irrational as to some people, money is just paper and not happiness. Did I loose $1000 wasting a ticket, or by going ? Did it cost me $1000 if I went ?? No .. It was never mine and they economy puts some of that back into my community center, or maybe put my house fire out.
One of the dumbest talks at Google. Like ever. I really like Thaler but this was like watching an aboirtion. He spoke too little about behavioral economics. By the way Misbehaving is an amazing book. I have no idea why this talk didnt work out.
Agreed. Those disruptive ...aaands and ...aaaahs... Every public speaker should learn to keep them in check. No matter how highly I admire the man's work and thinking, his mannerisms of speech leave me irritated. Believe me, this hardly ever happens. Also, the way the sound volume fluctuates is rather annoying when listened through speakers.
@@scottchoi2720 Uber actually loses money in the US and major economies but earns a profit in countries like Brazil (and even some African countries). Also, would blue collar workers have a sense of their employer's profitability lol
The upshot being that folks don't react rationally. Imagine that? There was a PBS short series in which Dr. Thaler, pointed that out, to less than rave reviews. People don't like to be shown that they act, sometimes, in ways that are not clever. I'm reading his book now. Like it a lot!
And they were nudged to buy the book.
One just gets nudged and nudged to watch the awesomeness of 56 minutes, by the coolest misbehaving every now and then by Thaler's poking at Hal :)
Congrats for your nobel prize!
SNSiF yes congratulations
Thank you very much: Macroeconomics driven by behavioral Economics with sensible microeconomics.
Great talk. Thanks Google (I don't say that very often)!
lol
highly recommended talk, richard thaler is a truly funny economist full of unusual insights
This is a brilliant talk ! It just seems casual but its really loaded with awesome gems
i just realized people in my town were nudged. There was a bad behavior by drivers, in which they didn't respect pedestrian crossings. So the town hall ordered municipal guards to apply a tough fine on drivers cought misbehaving in that area. The strict use of law was just temporary, but the social norms changed, and now drivers respect the pedestrian crossing even though guards are much less attentive to this offense nowadays.
nudge does not use coercion or punishment . if your municipality put up pictures of dead victims from the accidents or their family photo at crossings it could be considered as nudge but fines and punishment no
I see. Thank you
That's the sound quality at Google?
I recall vividly that I was at the CUNY Graduate Center (34th and Fifth Avenue) at noon of 9-11, and needed to get back to Rockland County, west of the Hudson. Public transit was down. I walked to the West Side Highway, and started hitching. A limo driver picked me up and asked for $20 to take me to the foot of the George Washington Bridge. I paid.
The notion of surge pricing has both demand-side and supply-side effects. It encourages more drivers to be willing to deal with harsh conditions, and it rations supply. In the absence of surge pricing, the supply of cars would be rationed by increased waiting times. I am not sure that is a better solution.
Yehuda Klein, Ph.D.
Professor and Chair, Department of Economics
The Koppelman School of Business at Brooklyn College
that makes sense. drivers in awful conditions have the right to raise prices due to additional wear and tear on the car and risks involved. outraged people have the choice of walking miles through a blizzard or pay for an expensive but well priced cab ride.
I listened to the audio book i wanted to see what the author looked like sounded like hear, it's a great book so far
Very nice session. Thank you
Too quiet. :( If turned up enough for good audibility, background hiss/noise becomes intrusive.
Subtitles are your friend.
congratulation for Nobel prize！
Congratz sir.. For the prize
Snow emergencies ??? Don't go out per the local gov .. Drivers have to make money and can't be uncertain on their income. Think of a farmer sitting on a lonely road. He usually sells 5 gallons milk at $ each to buy $$$$$ of corn for his family dinner. He happened to sell one gallon all day .. for $$$$$ so he could buy corn. That is business and a man working hard.
It's been proven that once someone achieves all the wealth the perceive the will ever need, they feel even better if they take more. The rich intentionally take from those with less resources, and the more the take the better they feel. I find Behavioral Economics fascinating. People only behave from corrective punishment. .. The Tip comment .. I read that people inherently want equality. However when they cannot see the inequality and have to correct it but can't as they get confused and can't decide on what is equal distributions, and they keep what they could have shared. ..... And more on sincerity .. Koch blocks an individuals liberty and self determination by killing public transportation while organizing his $200,000,000 bribes to every level of government .. thinking you're not watching and resumes a 15 min speech claiming that is he is politically and socially active to help every person succeed by dismantling all government involvement in the economy, except for his trillions in corporate welfare.
Snow shovel price hike is completely fair. He has to make money that day... but in a blizzard who will go out? It is not about demand .. it is low business traffic
Profetic words @52:20 :)
Simply Delicious...
I stopped to listen when he says greece problem is they don't want to pay taxes ..
Thank you.. (though you have to pay more attention to your enemies)
The sad truth is that most restaurant workers intentionally work at restaurants because they became so reliant on the tips that they didn't develop useful skills that could land them a better job. Now they're stuck. Sucks to be stupid
I was a waiter when I was in college, and the reason so many millennials become waiters is because you’re compensation is based on menu prices, which go up with inflation. So it’s the only jobs that pay somewhat decent, at least to college standards, while hourly jobs pay shit money. Wages have been stagnant or declining since the 1970s but we’ve gotten lots of inflation since then. So stupid isn’t a word I’d use. Many students don’t have much of a choice.
Anomalies. .I was just going to say you can poke holes in anything. You can continue to do so forever as people are creatures of habit and build the system we live in ... or avoid
Too much on end about organ donation and death tax, tho the point about the latter (that no one pays ..) was interesting
💚
♥️
Play at 1.5×
Dry talk . Your book is much better!
I don't know whats wrong with the US? Here in Switzerland we have a 2 stage mandatory pension plan and after 67 you get a paycheck every month for life.....:-)
Read Carl Snyder.
I could barely get through his book. College professors rant WAY too much. And the constant name dropping was incredibly annoying. Be prepared to skim A LOT if you want to read the behavioral economics part of the book.
Ok .. I'm given a ticket to x event worth $1000, and I didn't go, and didn't sell the ticket .. It's because I had better things to do and could care less about a trivial game and a piece of paper with an arbitrary value that may have fallen to $200 if I tried to sell them at the event.
I see an opinion that people who don't concern themselves with consumption and hyper-consumerism are somehow making flawed decisions and perceived as irrational is in fact, irrational as to some people, money is just paper and not happiness.
Did I loose $1000 wasting a ticket, or by going ? Did it cost me $1000 if I went ?? No .. It was never mine and they economy puts some of that back into my community center, or maybe put my house fire out.
Eu sou fudido simples assim
Google uses apple🙃
Stanford ? College of Libertarian Economic Delusions
Lewis Daniel Martin Susan Martinez David
Damn. Speak to the public much? Get the lead out.
Another millennial with ADHD.
One of the dumbest talks at Google. Like ever.
I really like Thaler but this was like watching an aboirtion. He spoke too little about behavioral economics. By the way Misbehaving is an amazing book. I have no idea why this talk didnt work out.
way too slow...
Agreed. Those disruptive ...aaands and ...aaaahs... Every public speaker should learn to keep them in check.
No matter how highly I admire the man's work and thinking, his mannerisms of speech leave me irritated. Believe me, this hardly ever happens. Also, the way the sound volume fluctuates is rather annoying when listened through speakers.
Williams Linda Martinez Steven Perez Jennifer
22:02 mis-information. Uber makes a lot of money in surge time. Typical man who hasn't ever worked blue collar job response.
@@iankovski yo, u work w Oracle, not Uber. Maybe Uber makes small money in Brazil but not here in the States.
@@scottchoi2720 Uber actually loses money in the US and major economies but earns a profit in countries like Brazil (and even some African countries). Also, would blue collar workers have a sense of their employer's profitability lol
You are Google do not ban me in Google plz
Yikes. What a mess
A nice safe “nudge”
Dont waste your time listenig yo this, listen to charlie munger instead,
This is really not explaining economics at all..
Thaler is wrong. Economics is rational. Read Ayn Rand.
Google uses apple🙃
Google uses apple🙃