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THE OTHER OVERDOSE CRISIS
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By Aaron E. Carroll, professor of pediatrics,
Indiana University School of Medicine.
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Richard Thaler, nobel laureate in Econ, fought to get heretical theories published
—- How Thaler changed our lives Bloomberg
> Focusing on what he called “mental illusions,” Thaler explained that human beings make a lot of blunders. With clear examples, a sense of play and a little math, he showed that people just don’t act in the way predicted by standard economic theory.
>> If you give people a mug or a lottery ticket, they will demand a lot more to give it up than they would pay to get it in the first place. People are planners as well as doers, and their decisions can be radically different depending on whether they are planning or doing.
>>> Because people have self-control problems, they adopt “precommitment strategies” like the ones used by Alcoholics Anonymous, drug abuse centers, diet clubs and smoking-cessation clinics. People care about fairness, and they will punish people who have acted unfairly, even at their own expense. People choose not to choose, because they do not want to suffer regret. Investors overreact to the most recent, dramatic events.
>>>> Each one of these ideas – and there were plenty more – opened up a whole new world.