"A good Behavioral Economist is also a good economist. It's not about replacing standard economics but improving it."
"Behavioral Economics is about observing the world and identifying where standard economic assumptions may not hold."
"Loss aversion teaches us that that which you already own is worth more to you than a possibility of something else."
"It's possible to build incentive structures that prevent us from engaging in those worst excesses."
"The study of behavioral economics is very crucial."
"The IKEA effect, which is that you assemble the furniture yourself, contributes to its perceived value."
"We're a behavioral economics unit, and we work closely with Professor Dan Ariely, who we're very lucky to have with us today."
"If you reward something, you get more of the behavior you want."
"You will experience more pain from losing something it currently has than the pleasure of getting something it hasn't achieved yet."
"Certainty feels rewarding, we tend to steer towards it."
"It's all driven by something called the Ikea effect."
"I do agree with the FOMO, like it's a thing I get it."
"It's so difficult to buy into companies that have already gone up. Our human brains hate it."
"Loss aversion: we hate losing something more than we like gaining something."
"I understand how these conditions are conducive to enable bad behaviors and further things like gambling addictions."
"We have this view of human nature as rational, but behavior economics doesn't assume that people are rational."
"It's counterintuitive. Most humans buy high and sell low."
"Scarcity: people tend to give more value to things that are in limited availability."
"Show me your incentive and I'll show you the outcome."
"The rule of reciprocity: If I give you something or help you, then you are obligated to reciprocate."
"Behavioral economics deals directly with human psychology."
"You can come to an incredibly wrong conclusion if you don't consider how people adjust their behavior due to a change in perceived safety."
"Poor thinking habits keep most people poor, not poor working habits."
"Liberals see large structural forces of inequality, conservatives see behavior."
"The law of reciprocity: when you give people something, they feel that they want to give you something."
"That psychological serotonin boost that women get when you just pay for the [ __ ] meal, that hasn't gone away, that's the same boost they got when you killed the mammoth and brought the meat back home."
"People do not get out of debt because of their incomes people do not get out of debt because of mathematics personal finance is 80 behavior it's only 20 head knowledge."
"If you push them lower, you might get the opposite behaviors."
"Effort reward heuristic which is we enjoy things more and appreciate them more if we put a little effort upfront."
"Money pushes a narrative, money creates villains and heroes, money makes rational people act irrational."
"The main theme of this book is that humans are not rational."
"I believe that people will behave responsibly once they actually are in a paradigm which is abundant."
"Loss aversion operates on the idea that the pain of losing is twice as painful as the pleasure of winning."
"If you want more of a behavior you subsidize it. If you want less of a behavior you tax it."
"When you reward some behavior and you punish other behavior, you get more of the former and less of the latter."
"Human beings are more afraid of losing a hundred dollars than gaining a hundred dollars."
"Money is the great motivator." - [Channel Owner]
"Chainlink is using economic incentive and disincentive to force good behavior on the network and disincentivize bad behavior."
"It also occurred to me that incentives, in fact, have a powerful influence on behavior sometimes unconsciously."
"In the future, when computers are doing all the stock trading, they'll probably weed out these behavioral aspects affecting stock valuation."
"People with ADHD have an incredibly High Time preference to use a term in behavioral economics."
"Finding interesting stories where we behave in strange ways that you might not predict on the rational framework is part of the methodology of behavioral economics."
"How to have a really big impact on things without a lot of money and without a lot of effort...there's a concept called nudges."
"We want to focus on how do we design a theory of actual behavior."
"Behavioral economists are interested in the same topics that economists are interested in: why people buy, how we make decisions, what are the right mechanisms in the market, and so on."
"But the starting point is different. Rather than assuming people are rational and then taking the implications of that, we have no prior beliefs."
"Our economic risk assessment for pandemics must be updated to include a broader range of impacts, including the significant potential impacts of behavioral changes on different sectors of the economy."
"The sunk cost fallacy is the reason that you throw good money after bad."
"Loss aversion is proven to be a more powerful motivator than gain."
"That's totally in line with Richard Sosa's costly signaling theory."
"If you provide the right incentives, the behavior will change."
"Individuals do not consider expected value, they consider expected utility, and individuals are risk averse."
"The reason that people change their behavior is because there's an economic incentive."
"Gamma is how much the agent chooses to discount future rewards."
"Loss aversion and the framing effect are concepts worth thinking about."
"A nudge can be defined as something that is like a GPS device."
"Gamification is the process of engaging users and changing behavior using the best ideas from games, loyalty programs, and behavioral economics."
"What you need is time and consistency, you need essentially preference reversals over time."
"The quasi-hyperbolic discounting model... adds an additional parameter that measures people's present bias or present focus."
"Work in public economics is heavily influenced by insights from many other fields, but in particular psychology and economics, behavioral economics."
"With hyperbolic discounting, we can get situations where people's choices are bad for them, where their choices lead to regret."
"A new wave of behavioral economists, aided by neuroscientists, is trying to understand our psychology."
"We can't hope to understand how any system works without understanding the incentives and punishments that guide people's behavior within it."
"Traditional financial models assume that decision makers make these decisions rationally... but that's not the way that humans operate."
"He talked about defaults and how you can use defaults to increase organ donation by 90 percent."