This episode explores how to make the infernally difficult challenge of habit formation a little easier, with guest Richard H. Thaler, who won the Nobel Prize in Economic Sciences in 2017 for his pioneering work in the fields of behavioral economics and finance. Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago’s Booth School of Business, where he also serves as the director of the Center for Decision Research. He is also the co-author, with Cass R. Sunstein, of Nudge: the Final Edition.
In this episode, Dan and Richard discuss what a nudge is as well as its opposite – which Thaler and Sunstein call sludge. They also discuss other fascinating concepts, including: choice architecture, mental accounting, libertarian paternalism, bounded rationality, and how the lessons of behavioral economics can lead to a happier life
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