Nudge
Nudge (Thaler and Sunstein)
- Interesting ideas, but somewhat repetitive and boring, bailed on ch 7.
- A choice architect has the responsibility for organizing the context in which people make decisions.
- Nudges are aspects of the choice architecture that alters peoples behavior in a predictable way, but are cheap and easy to avoid.
- The default choice can have a huge effect on possible outcomes.
- The second marriage: "The triumph of hope over experience"
- People are easily nudgeable even on big decisions.
People need nudges for decisions that are difficult and rare, and for which they dont get prompt feedback.
Markets often exploit peoples frailties, rather than eradicate or minimize their effects.
- Some of life most important decisions do not come with opportunities to practice. Generally, the higher the stakes, the less often we are able to practice. In addition, we only get feedback on the options we select, not on those we dont.
- The best way to improve performance is to get feedback. example: digital cameras.