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Message
Thaler Wins Nobel
Posted on 10/9/17 at 3:53 pm
Posted on 10/9/17 at 3:53 pm
14
Posted on 10/9/17 at 3:55 pm to thetigerman
You're going to have to tell them first if he's a liberal or conservative.
Posted on 10/9/17 at 3:55 pm to thetigerman
quote:It tells me the Nobel committee is running out of candidates to give the economics prize to....
What is the general PT view on this "nudging?"
Posted on 10/9/17 at 3:56 pm to thetigerman
quote:
Far from being the rational decision-makers described in economic theory, Thaler found, people often make decisions that don't serve their best interests.
This is a Nobel-winning revelation?
Posted on 10/9/17 at 3:57 pm to The Spleen
quote:
You're going to have to tell them first if he's a liberal or conservative.
Maybe he's a socialist libertarian?
Posted on 10/9/17 at 3:58 pm to thetigerman
quote:
"nudging?"
Is this similar to edging?
Posted on 10/9/17 at 3:59 pm to imjustafatkid
For economists, yes, unfortunately it is. Thaler deserved it as much as anyone out there. Solid choice.
Posted on 10/9/17 at 3:59 pm to thetigerman
quote:I think it’s interesting, and I think it's valid; I'm just not sure it works for everything we would like,especially without an “emotional” nudge.
For his "nudge" theory. What is the general PT view on this "nudging?"
Posted on 10/9/17 at 4:00 pm to imjustafatkid
quote:I read Thaler's book several years ago and what he basically says is people put more importance on short-term benefits than long-term benefits in their life so the government must "nudge" them to look out longer term by using tax laws and other incentives. After all, government knows what's best for us....
This is a Nobel-winning revelation?
Posted on 10/9/17 at 4:03 pm to LSURussian
quote:
I read Thaler's book several years ago and what he basically says is people put more importance on short-term benefits than long-term benefits in their life so the government must "nudge" them to look out longer term by using tax laws and other incentives. After all, government knows what's best for us....
Yeah, they should do something like a government-run, nationwide retirement fund we all pay into. We can call it social security. It'll be great!
Posted on 10/9/17 at 4:04 pm to thetigerman
U of Chicago (and Booth) get another one. That is their 29th Nobel for economics overall and the 6th just in the past decade. That is ridiculous.
I think Thaler and Kahneman's work is pretty self-evident. In Thaler's case, you can see loss aversion over and over and over again in everyday life.
I think Thaler and Kahneman's work is pretty self-evident. In Thaler's case, you can see loss aversion over and over and over again in everyday life.
Posted on 10/9/17 at 4:07 pm to LSURussian
quote:
I read Thaler's book several years ago and what he basically says is people put more importance on short-term benefits than long-term benefits in their life so the government must "nudge" them to look out longer term by using tax laws and other incentives. After all, government knows what's best for us....
If this is an accurate assessment...I think Thaler needs to study why this country went from putting more importance on long-term benefits ("protestant work ethic" of the 1800s through mid 1900s) to short-term (modern day 'Murica). The government "nudged" alright...
Government isn't the solution. It's the problem.
Posted on 10/9/17 at 4:07 pm to LSURussian
You're talking about Nudge?
Misbehaving is far more entertaining. And it discusses a wider variety of irrationalities without getting preachy. This feels as much like one of those 'lifetime achievement' awards as any.
Misbehaving is far more entertaining. And it discusses a wider variety of irrationalities without getting preachy. This feels as much like one of those 'lifetime achievement' awards as any.
Posted on 10/9/17 at 4:19 pm to thetigerman
inb4 "not a real Nobel"
Posted on 10/9/17 at 4:31 pm to thetigerman
quote:
Richard Thaler of the University of Chicago on Monday won the Nobel economics prize for documenting the way people's behavior doesn't conform to economic models that portray them as perfectly rational
Rationality is not determined by the value judgements of a economists or financial advisor. In economic terms, all actors act rationally.
quote:
"Human action is necessarily always rational. The term 'rational action' is therefore pleonastic and must be rejected as such. When applied to the ultimate ends of action, the terms rational and irrational are inappropriate and meaningless. The ultimate end of action is always the satisfaction of some desires of the acting man."
Seemingly irrational action is rational, that is, has an aim. To appraise it as irrational, the appraiser merely imposes some other external source of value. Mises writes (p. 104): "However one twists things, one will never succeed in formulating the notion of 'irrational' action whose 'irrationality' is not founded upon an arbitrary judgment of value."
Thus spake Ludwig von Mises
Mises.org
My guess is the OPs article writer doesn't understand the significance of the insights of Thaler.
This post was edited on 10/9/17 at 4:42 pm
Posted on 10/9/17 at 4:35 pm to LSURussian
quote:
what he basically says is people put more importance on short-term benefits than long-term benefits in their life
This could be the motto for the Democratic Party.
Posted on 10/9/17 at 4:38 pm to LSURussian
quote:
I read Thaler's book several years ago and what he basically says is people put more importance on short-term benefits than long-term benefits in their life so the government must "nudge" them to look out longer term by using tax laws and other incentives. After all, government knows what's best for us....
Higher time preference is of course exacerbated in every way by the state.
Posted on 10/9/17 at 4:41 pm to Centinel
quote:
If this is an accurate assessment...I think Thaler needs to study why this country went from putting more importance on long-term benefits ("protestant work ethic" of the 1800s through mid 1900s) to short-term (modern day 'Murica). The government "nudged" alright...
Government isn't the solution. It's the problem.
Agreed.
Chicago intellectuals tend to agree with this in many ways, but see the state as an inevitability and focus on solutions that are more "pragmatic" in a statist environment.
Posted on 10/9/17 at 4:46 pm to The Spleen
quote:
You're going to have to tell them first if he's a liberal or conservative.
When's the last time they gave this award to a Conservative?
I think that ship sailed a while ago, no?
Posted on 10/9/17 at 4:52 pm to thetigerman
He's a behavioral scientist, no?
Says all Economics theory will now be based on behavioral science...
Says all Economics theory will now be based on behavioral science...
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