Nudge: Improving Decisions About Health, Wealth, and Happiness (Seminar)
English | avi 640 x 360 | mpeg4 841 Kbps | 25 fps | mp3 128 Kbps | 450.21 MB
Genre: Economics | Finance
Behavioral economics and its related area of study, behavioral finance, use social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market prices, returns and the resource allocation.
The fields are primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology with neo-classical economic theory.
Behavioral analysts are not only concerned with the effects of market decisions but also with public choice, which describes another source of economic decisions with related biases towards promoting self-interest.
Speaker: Professor Richard Thaler
Chair: Professor David De Meza
This event was recorded on 23 March 2009 in Old Theatre, Old Building
Standard economic analyses rely on an unrealistic model of human behavior in which economic agents are hyperrational robots. Modern behavioral economics takes a more realistic approach and assumes that economics agents are humans, who sometimes forget where they put their keys, panic in the face of economic volatility, and are growing more obese by the day. The theme of Nudge is that it is possible to help such humans make better choices without taking away their freedoms, just by giving them a gentle nudge. The financial crisis of 2008 makes the message of Nudge more relevant than ever, both in determining how we got into this mess, how we can get out, and how we can prevent another crisis.
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