From Cashews to Nudges: The Evolution of Behavioral Economics†

From Cashews to Nudges: The Evolution of Behavioral Economics† American Economic Review 2018, 108(6): 1265–1287 https://doi.org/10.1257/aer.108.6.1265 From Cashews to Nudges: The Evolution of Behavioral Economics By Richard H. Thaler* In the beginning there were stories. People think in stories, or at least I do. My research in the field now known as behavioral economics started from real life stories I observed while I was a grad- uate student at the University of Rochester. Economists often sneer at “anecdotal data” and I had less than that—a collection of anecdotes without a hint of data. Yet, each story captured something about human behavior that seemed inconsistent with the economic theory I was struggling to master in graduate school. Here are a few examples: • At a dinner party for fellow economics graduate students I put out a large bowl of cashew nuts to accompany drinks while waiting for dinner to finish cooking. In a short period of time, we devoured half the bowl of nuts. Seeing that our appetites (and waistlines) were in danger I removed the bowl and left it in the kitchen pantry. When I returned everyone thanked me. But, as economists are prone to do, we soon launched into analysis: how is it that we were all http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Review American Economic Association

From Cashews to Nudges: The Evolution of Behavioral Economics†

Preview Only
23 pages

Loading next page...
 
/lp/aea/from-cashews-to-nudges-the-evolution-of-behavioral-economics-HK99tASxYG
Publisher
American Economic Association
Copyright
Copyright © 2018 © American Economic Association
ISSN
0002-8282
D.O.I.
10.1257/aer.108.6.1265
Publisher site
See Article on Publisher Site

Abstract

American Economic Review 2018, 108(6): 1265–1287 https://doi.org/10.1257/aer.108.6.1265 From Cashews to Nudges: The Evolution of Behavioral Economics By Richard H. Thaler* In the beginning there were stories. People think in stories, or at least I do. My research in the field now known as behavioral economics started from real life stories I observed while I was a grad- uate student at the University of Rochester. Economists often sneer at “anecdotal data” and I had less than that—a collection of anecdotes without a hint of data. Yet, each story captured something about human behavior that seemed inconsistent with the economic theory I was struggling to master in graduate school. Here are a few examples: • At a dinner party for fellow economics graduate students I put out a large bowl of cashew nuts to accompany drinks while waiting for dinner to finish cooking. In a short period of time, we devoured half the bowl of nuts. Seeing that our appetites (and waistlines) were in danger I removed the bowl and left it in the kitchen pantry. When I returned everyone thanked me. But, as economists are prone to do, we soon launched into analysis: how is it that we were all

Journal

American Economic ReviewAmerican Economic Association

Published: Jun 1, 2018

There are no references for this article.

Sorry, we don’t have permission to share this article on DeepDyve,
but here are related articles that you can start reading right now:

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create lists to
organize your research

Export lists, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off