Prize Lecture: Richard Thaler, The Sveriges Riksbank Prize in Economic Sciences 2017
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- Опубліковано 27 чер 2024
- "From Cashews to Nudges: The Evolution of Behavioral Economics"
Richard H. Thaler delivered his Prize Lecture on 8 December 2017 at the Aula Magna, Stockholm University.
What a fantastic well explained lecture. Currently studying Behavioural Economics course at University and it really does make you want to understand more about what drives people into making all kinds of decisions regarding their welfare etc. Very interesting section of Economics right here.
Aaaaawww... He seemed overwhelmed with emotion once he ended his lecture.
A brilliant man, with a brillaint mind
Oh wow it's really wonderful and special speech for me I really appreciate sir...
Brilliant. Absolute brilliant!
great point
ERR
another great point
ERR
more fantastic points
So what "nudges" as I am supposed to give myself to help me save better?
Think about how many minutes you have to work to pay for, say, a cup of "brand" coffee.
Mentally pricing everything in units of your own labor certainly helped me.
Knowing that a fancy watch cost, say, 30 hours of overtime in my job, rather than using the 30 hours for my leisure (see friends, watch TV, read a book, ride a bike, chat to my daughter), makes one pause.
The other top tip I have is to set up you Amazon etc account to NOT have one-click purchase. In the time it takes to put in the passwords each time, you get a brief extra shot to re-evaluate whether your purchase is worth it.
Dedicate a certain percentage of any future raise to savings. Loss aversion won't play as big of a factor. Just commit and when that raise comes your weekly pay will increase but so will savings.
thaler!!!!
I really want cashews now
The Nobel Prize winner means unique personality/brain of universe.
Medical patents found on Google can be improved through multiple disciplines if only to simply improve materials. One can pay oneself through expidited medical research funding as long as hospitals have patients.
Who knew you could get a Nobel prize for calculating how many times you can say "ähum" in a speech and still be taken seriously? Brilliant!
Hahahahaha !!
Gravitational waves rocks! Lol
What if the people who want the Coffee Mugs start making them themselves?
Хаты парви
Hata parvi
I tell high school students to attend conventions so they can learn what companies are doing and get the companies to sponser their tuition all the way to PhD and or ScD. Through joint programs. Then they can make $200,000 annual salary 5 years out of highschool.
do you have any convention in mind? and is it for a special type of studies?
@robertlee what conventions?
This guy knows all about economics but doesn’t know not to say umm after every third sentence in a speech 🙄
he gets rewarded for thinking smart, not talking smart. better than the reverse, i would think.
Talks like an average dude but thinks like a Nobel prize winner. Thats a winner in my book
@@bbbildhuu definitely. His ability to chunk his concepts down for the layman is incredibly commendable. Truly a smart man, I wish to be like him one day.
It bothers me a little as well, though I've noticed more and more high profile people, men especially, are talking like this these days on public platforms. Elon Musk and Peter Theil are famous and easy examples.
Speaking patterns are a contagious habit. Be careful not to listen to too many people speaking like this, you might catch it.
Noble prize for this? I have nothing to say...
Can you get a nobel prize for something similar? Eh
He's also known as the father of behavioural economics
The Nobel was awarded for many decades of work, not the quality of the presentation in the video. It is just a tradition that a "winner" is expected to give a short lecture.
The illogicality of actual human behaviour has a huge effect on the economies of countries. It would be hard to say that the study of the aggregate behaviours of populations in a "market"- (as opposed to a "planned"-) economy is anything other than of significant importance to most, if not all, national governments in the world.
As Thaler is significant in this field, he seems as worthy a winner as any other, and arguably more (rather than less) worthy than some.
Indeed, once I myself started to understand the very principles (sunk costs, and other examples of economically irrational behaviour) Thaler mentions at the start of the video, my own personal finances improved notably. Of course, I didn't directly learn them from Thaler, but they are so widely spread that one encounters them without knowing of their provenance.
Like I said, the Nobel is for decades of work, NOT this one video presentation.
Lol you're funny
The mark of a true genius is to put complex things in a simple manner for the general audiences. If he goes into the complexities of it, you'll pee in your pants. Did you really think he would've been awarded Nobel Prize for things as simplistic as this? At least you should've applied a little bit of brain before making this idiotic comment.