{"id":11284,"date":"2022-09-20T10:09:53","date_gmt":"2022-09-20T14:09:53","guid":{"rendered":"https:\/\/desis.osu.edu\/seniorthesis\/?p=11284"},"modified":"2022-09-20T10:09:54","modified_gmt":"2022-09-20T14:09:54","slug":"nudge-richard-thaler","status":"publish","type":"post","link":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/2022\/09\/20\/nudge-richard-thaler\/","title":{"rendered":"Nudge &#8211; Richard Thaler"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-four-minute-books wp-block-embed-four-minute-books\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"38KWernUVs\"><a href=\"https:\/\/fourminutebooks.com\/nudge-summary\/\">Nudge Summary<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Nudge Summary&#8221; &#8212; Four Minute Books\" src=\"https:\/\/fourminutebooks.com\/nudge-summary\/embed\/#?secret=yJHa1m20dD#?secret=38KWernUVs\" data-secret=\"38KWernUVs\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><figcaption>Instead of reading the entire book, here is a good summary.<\/figcaption><\/figure>\n\n\n\n<p>Lesson 1:\u00a0Nudges are tiny hints or changes, which push you in one direction, but leave all options open.<\/p>\n\n\n\n<p>Lesson 2:\u00a0A default is a very powerful nudge, as it requires you to actively object it for it not to work.<\/p>\n\n\n\n<p>&#8220;At scale, companies can use this by automatically enrolling their employees in their matching-retirement plan programs, unless they explicitly object to participating. This helps a lot of lazy people save for retirement because they would never have enrolled if\u00a0they\u2019d had to actively do it themselves.&#8221;<\/p>\n\n\n\n<p>&#8220;Similarly, gyms and magazines abuse this by automatically renewing your subscription, unless you cancel it. Again, nudges can be used both ways.&#8221;<\/p>\n\n\n\n<p>Lesson 3:\u00a0States and other large institutions can use nudges to improve societies and countries as a whole.<\/p>\n\n\n\n<p>&#8220;<strong>if the majority of its members make good decisions, the welfare of the state grows<\/strong>.\u00a0&#8220;<\/p>\n\n\n\n<p>&#8220;the\u00a0<a rel=\"noreferrer noopener\" href=\"http:\/\/www.nytimes.com\/1989\/01\/16\/us\/denver-program-curbs-teen-agers-pregnancy.html\" target=\"_blank\">dollar-a-day program<\/a>, which gives teenage mothers $1 each day they don\u2019t get pregnant again. $365 may sound like a lot but is much cheaper than having to take care of a newborn or trying to relocate it to a good family.&#8221;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>How can we use the nudge method to make small changes in financial literacy that add up to a more informed whole?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lesson 1:\u00a0Nudges are tiny hints or changes, which push you in one direction, but leave all options open. Lesson 2:\u00a0A default is a very powerful nudge, as it requires you to actively object it for it not to work. &#8220;At scale, companies can use this by automatically enrolling their employees in their matching-retirement plan programs, [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":11285,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-11284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-science-tech"},"_links":{"self":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/11284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/comments?post=11284"}],"version-history":[{"count":1,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/11284\/revisions"}],"predecessor-version":[{"id":11286,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/11284\/revisions\/11286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media\/11285"}],"wp:attachment":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media?parent=11284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/categories?post=11284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/tags?post=11284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}