Richard Thaler - Sunk costs? We pay too much attention to...

Sunk costs? We pay too much attention to them.

Biography

Author Profession: Economist

Nationality: American

Born: September 12, 1945

Links

Find on Amazon: Richard Thaler

Cite this Page: Citation

Related Authors

Thomas Sowell, Milton Friedman, Alan Greenspan, John Kenneth Galbraith, Joseph Stiglitz, Herbert A. Simon, Robert Reich, Martin Feldstein

Topics

Attention, Costs, Much, Much Attention, Pay, Sunk, Them, Too, Too Much

Quotes to Explore

There's a reason why start-ups, especially disruptive start-ups - like Google or Amazon or Uber - are full of young people. That's because young people are not as wedded to the old fashioned ways of doing things.

People Doing Things Reason

For many people, being asked to solve their own retirement savings problems is like being asked to build their own cars.

People Problems Retirement Own

Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement.

Way Retirement Only Because

It's not that we can predict bubbles - if we could, we would be rich. But we can certainly have a bubble warning system.

Rich Bubble Predict Warning

In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.

Smart Economics Behavior Down

If you're not putting enough away for emergencies or retirement, making commitments in advance, such as signing up for payroll withholding, can help.

You Retirement Enough Help

I am all for trying to teach household finance in schools, starting as early as possible. And when it comes to high school, I think learning about compound interest is at least as important as trigonometry or memorizing the names of all 50 state capitals.

Learning I Am Finance School

One reason for high health care costs is that patients fail to follow their treatment regimen.

Health Care Follow High

Parents want their children to excel, callers to a victims' hot line want help, and sick people want to get well. Offering aids is like providing an alarm clock: it may help people get to an appointment on time, but no one is forcing them to use it.

Time Children People Parents

We behavioralists differ from our more traditional brethren in the way we characterize agents in the economy.

Way Economy More Our

Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock.

Food People Sometimes Drink

When it comes to my health, I would rather my doctor base her decisions on science rather than what she, or some lawyer, thinks will stand up in court.

Science Health Doctor Lawyer

The supply price and the demand price should be roughly the same. You're not supposed to have two different prices. According to economists.

You Price Different Two

The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine.

Money Wife Wine Fun

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