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Richard Thaler

Richard Thaler Quotes

Economist

Richard Thaler, born on September 12, 1945, is an American economist renowned for his contributions to behavioral economics. Professor Thaler is a faculty member at the University of Chicago and is considered one of the pioneers of behavioral finance. His research focuses on how human behavior influences economic decisions and how these behaviors conflict with traditional economic theories.

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Famous Richard Thaler Quotes

“People exaggerate their own skills. they are optimistic about their prospects and overconfident about their guesses, including which managers to pick.”

People Skills Picks Including Optimistic Managers Prospects Overconfident

Author:Richard Thaler

“Recall that people like to do what most people think it is right to do; recall too that people like to do what most people actually do.”

People Thinking Recalls

Author:Richard Thaler

“The lesson from behavioral economics is that people only save if it's automatic.”

People Ifs Lessons Economics Behavioral Economics

Author:Richard Thaler

“If people just put away what's left at the end of the month, that's a recipe for failure.”

People Ifs Ends Left Months Recipes

Author:Richard Thaler

“My mantra is if you want to help people accomplish some goal, make it easy.”

People Ifs Want Helping Easy Goal Accomplish Mantras

Author:Richard Thaler

“Most people start claiming benefits within a year of when they become eligible, although benefits increase substantially if they wait.”

People Ifs Years Waiting Benefits Increase

Author:Richard Thaler

“Most economists, including me, agree that longevity insurance would make sense for a lot of people.”

People Agree Including Make Sense Longevity Economist

Author:Richard Thaler

“People worry that if they buy an annuity and then die before the policy starts to pay off, their heirs will lose out. I tell them, "What you should be more worried about is if you outlive your money, you will have to move in with your kids. Ask your kids which of these outcomes they are more worried about."”

People Ifs Should Kids Moving Dies Asks Loses Pay Worry Policy Worried Outcomes Heirs

Author:Richard Thaler

“I think the people who've been the most overconfident in our business in the last decade have been the people that called themselves risk managers.”

People Thinking Has Beens Lasts Risk Decades Managers Overconfident

Author:Richard Thaler

“One simple step firms can take is make sure that people that are getting paid a lot of money, say more than a million or two, that a big chunk of that money is deferred. That's going to change the whole ballgame.”

People Two Whole Bigs Simple Steps Millions Paid Firm Lots Of Money Chunks Ballgame

Author:Richard Thaler

“The money has to be deferred with what they call "clawback," which means they can get it back if I lose it all. So that guy making ten million a year selling credit default swaps, if we're going to keep five million of it in escrow for ten years, and with the right to go back and get it, if he starts losing money, then we're going to give people the right incentives not too take so much risk.”

People Ifs Giving Years Mean Guy Loses Millions Five Risk Ten Losing Credit Selling Incentives That Guy Default Losing Money Credit Default Swap

Author:Richard Thaler

“The same with the mortgage brokers that were selling people mortgages they couldn't afford. We shouldn't pay them on each mortgage they write. They should have what they call "skin in the game," where they've got to reimburse us if the guy who sold the mortgage defaults.”

People Ifs Should Writing Guy Games Pay Should Have Skins Selling Mortgage Default Brokers

Author:Richard Thaler

“Everyone's lost a lot of money on their 401k plans. I've heard some people calling them 201k plans. So it's even more important to get people to be saving more for retirement. Behavioral economics has helped us learn a lot about how to do that.”

People Important Lost Plans Heard Calling Economics Saving Retirement Lots Of Money Behavioral Economics

Author:Richard Thaler

“"Save more tomorrow" is a nudge to help people do what they know they want to do, which is save more, but they can't bring themselves to save more now. Just like many of us are planning to go on diets next month, or maybe in two months, certainly not tonight.”

People Knows Want Two Helping Next Months Goes On Tomorrow Planning Diets Tonight Two Months Nudge

Author:Richard Thaler

“Is there a market for somebody selling a credit card that helps people pay down their balances? I think the question is yes. But it would have to be sold by a bank that's really willing to invest in being a trusted partner with its consumers, because they will make less money on each consumer.”

People Thinking Helping Pay Willing Balance Credit Partners Selling Cards Consumers Trusted Credit Card

Author:Richard Thaler

“If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.”

People Ifs Long Pay Amount Balance Raises Credit Debt Setting Cards Settings Minimum Lowest Payment Credit Card

Author:Richard Thaler

“There's no reason to think that markets always drive people to what's good for them.”

People Thinking Reason No Reason

Author:Richard Thaler

About the Author

Born: September 12, 1945
Known for: Economist
Quotes: 44

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