PDF or EBOOK (Nudge Improving Decisions About Health Wealth and Happiness) ß Richard H. Thaler

  • Paperback
  • 314
  • Nudge Improving Decisions About Health Wealth and Happiness
  • Richard H. Thaler
  • English
  • 22 October 2018
  • 9780143115267

Richard H. Thaler ✓ 7 Read

Nudge Improving Decisions About Health Wealth and Happiness Free read ↠ 107 Richard H. Thaler ✓ 7 Read Read & download Nudge Improving Decisions About Health Wealth and Happiness On even about the causes we champion or the planet itself Unfortunately we often choose poorly Nudge is about how we make these choices and how we can make better ones Using dozens of eye opening examples and drawing on decades of behavioral science research Nobel Prize winner Richard H Thaler and Harvard Law School professor Cass R Sunstein s. I was pleasantly surprised by this book It starts out like many other pop psychology books describing an array of psychology experiments that are so often in the literature But at some point in the book the story takes a turn into a direction that few other books seem to touch Nudge is really about the small subtle pushes that our modern day world makes to sway one s opinion or real world choicesThe book devotes a separate chapter to each of several real world scenarios When a company gives employees a choice among investment plans how should the be described Should there be a default plan such that if no explicit choice is made gets chosen automatically What about health plans they are very complex and is there one that is best for everyone Probably not Then there are mortgage plans organ donation college funds and on and onPeople are often lazy and they make a choice once and then forget about it But should a company or a government give a subtle nudge by intelligently designing a form an intelligent default and so on Or should the choice be left 100% to the customerThe authors of this book argue that libertarian paternalism may be the answer Give people the full cast of choices and give people the freedom to make the wrong choices But also give people a default choice that may be better than most of the choicesSome choices are fixable If you take your clothes to a dry cleaning establishment and they do a poor job then the next time it is easily correctable in the future just take your clothes somewhere else But other choices are not correctable How many chances do you have in choosing a spouse While in theory it is a correctable choice it is not one that my people make over and over again And by the way why should the government have any say at all about marriages If there are any government benefits to marriage say taxes laws etc why not distribute those benefits to everyone The authors argue that there is not reason for the government to be in the marriage business at allThis book is a uick and easy read I recommend it to people who are trying to formulate policies and even to those who are designing forms for public use

Read & download Nudge Improving Decisions About Health Wealth and HappinessNudge Improving Decisions About Health Wealth and Happiness

Nudge Improving Decisions About Health Wealth and Happiness Free read ↠ 107 Richard H. Thaler ✓ 7 Read Read & download Nudge Improving Decisions About Health Wealth and Happiness From the winner of the 2017 Nobel Prize in Economics Richard H Thaler and Cass R Sunstein a revelatory look at how we make decisionsNew York Times bestsellerNamed a Best Book of the Year by The Economist and the Financial Times Every day we make choices about what to buy or eat about financial investments or our children’s health and educati. This one took me longer to read that is reasonable for a book of its length or the clear style it is written in I mean such a simply written text of 250 pages ought to have finished in no time The problem was that I don t live in the US and so many of the examples made the book a struggle for me All the same there are ideas in this book that are important no matter where you liveDon t you just love the internet I wanted to start this paragraph with that uote by G ring when I hear the word culture I reach for my luger but it turns out it is actually a uote from a play by Hanns Johst which is even better Whenever I hear of culture I release the safety on my Browning I have much the same reaction when I hear the word choice There is a false euality set up between freedom and choice It is as if the two terms are identical Since I ve had to read through dozens of American examples in this book of why this identity may not always apply I would like to give an Australian example to explain some of the key concepts of this bookA couple of decades ago Australian workers went without a national pay increase and rather had this money directed into superannuation Superannuation is essentially forced saving for retirement Over the years this reuired percentage of an employee s wage dedicated to superannuation has increased so that today it stands at 9% Everyone knows that if people are to retire on anything like their current salary they need to put aside around 15% of their lifetime earnings The gap between 9% and 15% is one that will be for most people borne by reduced living standards at the end of their livesThe previous Australian Government decided that it would be a good idea to introduce choice into the superannuation system So whereas previously most people were corralled into mostly industry superannuation funds that were not for profit meaning they had low fees and profits went back into the fund the new system opened up the superannuation business to private operators People would now be able to choose which fund to invest their money in Where did I put that LugerThe industry funds obviously didn t like this idea But like choice competition is always a good thing and can never be criticised right Well it is not uite so easy The problem is that the industry funds asked the previous government to structure the new system so that all funds would have to disclose all fees and charges associated with their products This would clearly have favoured the industry funds that often don t charge fees at all The government refused to include this disclosure of information as a proviso in the legislationOf course this made freedom of choice a bit of a joke You can t really have freedom if your choice is also based on your being free from vital informationWhat made matters worse was that the financial planning industry in Australia isn t as well regulated as it might be Financial planners generally receive commissions from the financial institutions whose products they sell oh sorry encourage you to take up So rather than providing you with a plan that is uneuivocally in your best interests the financial planner you are seeing may have actually will have a strong motivation to provide you with information that is in their best financial interests rather than yoursEconomists would say that despite all of the obvious problems with this new system of choice it is still better as people always act in their own best interests as rational economic agents and choice even if some of those choices might be biased against people is always betterThe writers of this book define themselves as Libertarian Paternalists Essentially they also believe that choices are good things however they acknowledge that choice alone isn t enough and that people aren t always economically rational entitiesOne of the ideas I found most useful in this book is the idea of choice architecture They do not believe in taking choices away from people but they recognise that being presented with a bewildering array of choices is often enough to stop people from making any choice at all The book opens with a discussion of a school cafeteria and how you can affect the eating habits of kids simply by how you place the food on display That is putting healthier food at eye level rather than fatty sugary foods will nudge kids towards eating healthy food This is not a subtle change this nudge can drastically improve the eating choices made by the kids The kids still have a choice to eat rubbish but this simple change nudges them towards eating better The point is that you simply don t have the option to display the food in a non nudge way You have to make some choice about how you are going to display the food so doesn t it make sense to set up the display so that people are nudged towards eating well rather than badlyChoices don t occur in a vacuum and one of the lessons of this book is that if we are going to provide choices we need to think about the conseuences of the choice architecture we put in place in which those choices are going to be madeAnother of those pieces of choice architecture is going to depend on what is the default choice This is because people being people many of us are going to get bored early on in the decision making process and just go for the default Therefore the default should be the choice that is most likely to meet the needs of those reuired to make the choice There is a very disturbing discussion of the Part D prescription drug coverage process in the US in which people who do not make what is an incredibly difficult choice are randomly assigned to a range of default plans that takes the principle of government non intervention to absurd extremesThe other idea that is very strongly pushed in this book is that people are very much loss averse This is an idea that has been in virtually every book I ve read lately but this book does than most to explain the conseuences of this aversion Going back to our superannuation example one of the reasons why people don t increase their superannuation contributions despite knowing that it would be good for them in the long term is that it involves them in a perceived loss now The authors discuss a way of encouraging higher contributions which they call the pay later plan Essentially people are encouraged to commit to increasing their contributions at the time of their next pay increase This way the increase in contributions does not feel like a loss and the authors show that this way of increasing contributions leads to higher contributions than virtually any other methodI particularly liked their solution to the gay marriage issue that is producing so much heat and so little light in society lately Their answer is for the government to get out of the marriage business altogether That the government should enable people to have their relationships recognised on the basis of it being a civil union and that this be open to all couples irrespective of their sex or the sex of their partner This civil union would be the legal and social recognition of a couple s partnership Marriage then would be left up to religious bodies to worry about If a particular church refuses to marry you because you want to marry someone they don t think you should well find yourself another church or even better yet avoid churches altogetherThe last part of this book is a defence of the idea of nudges against radical free market types the sorts of people who like our previous government think that choice is always good and ill informed choice is even better The idea that people might be nudged towards donating their organs after they ve finished with them nudged to eat better food or to get better health care cover or to slow down when approaching a dangerous intersection all just seem obviously good to me so this part of the book was preaching to the convertedBut then like Hegel I don t euate freedom with choice but with needs and how we understand those needs I think freedom has less to do with getting to choose and to do with getting adeuate information on the conseuences of that choice This book doesn t go as far as I might along this path but at least it recognises that we are human and that we often need help in making decisions that are in our own best interests If it was up to me there would not only be no freedom of choice in superannuation but superannuation would be a tax and would be run by the Australian Tax Office But don t get me startedThis would be an even interesting book if you live in America given the nature of the examples but either way this is still worth a look

Summary Û eBook, PDF or Kindle ePUB ✓ Richard H. Thaler

Nudge Improving Decisions About Health Wealth and Happiness Free read ↠ 107 Richard H. Thaler ✓ 7 Read Read & download Nudge Improving Decisions About Health Wealth and Happiness How that no choice is ever presented to us in a neutral way and that we are all susceptible to biases that can lead us to make bad decisions But by knowing how people think we can use sensible “choice architecture” to nudge people toward the best decisions for ourselves our families and our society without restricting our freedom of choice. As an economist Nudge was a book that I desperately wanted to like Unfortunately I was disappointed Perhaps my low rating of the book stems from my high expectations of a book co authored by the well regarded behavioral economist Richard Thaler Without such expectations my rating might have been higher But at the same time without such expectations I might not have bothered to read the book at allThe only interesting part of the book is the first part which consists of the first five chapters Here the authors lay out the main premise of the book The decisions humans make are affected by nudges Since nudges are not easy to define they are best explained through examples The clearest example of a nudge is a default When you register online at a site you are often asked Would you like to receive future emails By default this box could be either checked or not checked The default matters that is different results emerge under different defaults The main point of the book is that nudges matter and thus should be carefully designedThe rest of the book presents a laundry list of policies to which we should apply this principle For me this got boring fast For some reason the authors seem to be obsessed with identifying every possible nudge and offering their nudge design suggestions The end of the paperback version of the book became really ridiculous a bonus chapter of twenty nudges I think that the hardcover version is saved from this madness because the bonus chapter was added after the publication of the hardcover versionMany may find Nudge overly political The authors weigh in on what they believe to be good nudges on a large number of hot political issues such as Medicare and same sex marriage I personally didn t mind their political stances as much as I minded the lack of economicsThe book is also poorly written I felt that the publishers gave the authors complete free reign since the authors were well regarded academics and obviously academics don t need editors One problem with the writing was the lack of a targeted audience The book is supposed to be targeted towards a mass audience or at least that is the target of the book s marketing efforts It is not a textbook or standard teaching material targeted towards undergraduate economics majors It is also not a serious academic discourse targeted towards other economists And yet although it s supposed to be targeted towards the layman the writing is oftentimes confused about its audience Additionally I didn t care for the writing style While I do enjoy a casual and conversational tone this book suffered from unnecessary tangential remarks that detracted from the main point All of the writing issues in this book could have been easily rectified with a good editor I don t fault the authors as much as I do the publishers for that oversightI weakly recommend Part I of Nudge to the intellectually curious layman The rest of the book I recommend only to those want to read a laundry list of political suggestions Bead and Weave Primer is ever presented to us TheMoving Pictures Generation in a neutral way and that we are all susceptible to biases that can lead us to make bad decisions But by knowing how people think we can use sensible “choice architecture” to nudge people toward the best decisions for ourselves our families and our society without restricting our freedom of choice. As an economist Nudge was a book that I desperately wanted to like Unfortunately I was disappointed Perhaps my low rating of the book stems from my high expectations of a book co authored by the well regarded behavioral economist Richard Thaler Without such expectations my rating might have been higher But at the same time without such expectations I might not have bothered to read the book at allThe only In the Hall with the Knife interesting part of the book The Collar is the first part which consists of the first five chapters Here the authors lay out the main premise of the book The decisions humans make are affected by nudges Since nudges are not easy to define they are best explained through examples The clearest example of a nudge Live and Let Fly is a default When you register online at a site you are often asked Would you like to receive future emails By default this box could be either checked or not checked The default matters that Live and Let Fly is different results emerge under different defaults The main point of the book Así funciona su ordenador por dentro is that nudges matter and thus should be carefully designedThe rest of the book presents a laundry list of policies to which we should apply this principle For me this got boring fast For some reason the authors seem to be obsessed with Billy Bathgate is saved from this madness because the bonus chapter was added after the publication of the hardcover versionMany may find Nudge overly political The authors weigh Men of Blood Murder in Everyday Life in on what they believe to be good nudges on a large number of hot political Forbidden Vow Forbidden #3 is also poorly written I felt that the publishers gave the authors complete free reign since the authors were well regarded academics and obviously academics don t need editors One problem with the writing was the lack of a targeted audience The book Nascent The Stork Tower #1 is supposed to be targeted towards a mass audience or at least that Ninja Gaiden Worlds of Power is the target of the book s marketing efforts It Christmas in Harmony Harbor Harmony Harbor #9 is not a textbook or standard teaching material targeted towards undergraduate economics majors It ColorsColores is also not a serious academic discourse targeted towards other economists And yet although The Butterfly Groove it s supposed to be targeted towards the layman the writing The Book Thief is oftentimes confused about The Year Mrs Cooper Got Out More Great Wharf Series Book 1 its audience Additionally I didn t care for the writing style While I do enjoy a casual and conversational tone this book suffered from unnecessary tangential remarks that detracted from the main point All of the writing The Tomb of Napoleon The Hôtel des Invalides issues The Witch in the Cherry Tree in this book could have been easily rectified with a good editor I don t fault the authors as much as I do the publishers for that oversightI weakly recommend Part I of Nudge to the Dachshund Through the Snow intellectually curious layman The rest of the book I recommend only to those want to read a laundry list of political suggestions