Summary: Nudge Improving Decisions About Health, Wealth, And Happiness | 9780143115267 | Richard H Thaler, et al

Read the summary and the most important questions on Nudge Improving Decisions About Health, Wealth, and Happiness | 9780143115267 | Richard H. Thaler; Cass R. Sunstein

• 1 Humans and Econs

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• Why is libertarian paternalism a relatively weak soft and nonintrusive type of paternalism?

  Because choices are not blocked, fenced off, or significantly burdens. If people want to smoke cigarettes, to eat a lot of candy, to choose an unsuitable health care plan, or to fail to save for retirement, libertarian paternalists will not force them to do otherwise - or even make things hard for them

• What is the link between a nudge and libertarian paternalism?

  The approach (libertarian paternalism) does count as paternalistic, because private and public choice architects are not merely tying to track or to implement people's anticipated choices. Rather, they are self-consciously attempting to move people in directions that will make their lives better. They nudge.

• What is a choice architect?

  A choice architect has the responsibility for organising the context in which people make decisions.
  
  E.g. If you are a doctor and must describe the alternative treatments available to a patient, you are a choice architect.
  If you design the form that new employees fill out to enrol in the company health care plan, you are a choice architect.
  If you are a parent, describing possible educational options to your son or daughter, you are a choice architect.
  If you are a sales person, you are a choice architect

• What is the dual system?

  We have two systems:
  
  1. Automatic system: Uncontrolled, effortless, associative, fast, unconscious and skilled
  2. Reflective system: Controlled, effortful, deductive, slow, self-aware and rule-following

• What is ment by gains and losses

  Losing something makes you twice as miserable as gaining the same thing makes you happy.

• How is temptation related to mindless choosing

  Mindless choosing is that people put themselves into an automatic pilot mode in which they are not actively paying attention to the task at hand
  
  E.g. Eating is very mindless "many of us simply eat whatever is put in front of us"

• How do you tackles temptation and mindles hoosing

  Self-control e.g. Clocky and Christmas clubs

• What is a way to adapt internal control system and explain

  Mental accounting
  Mental accounting is the system that households use to evaluate, regulate and process their home budget. Almost all of us use mental accounts, even if were not aware that were doing so
  This can be to control spending

• 3 Following the herd

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• Chapter three, what is how and why?

  We try to understand how and why social influence work. 
  This is important because people learn from others
  Seconds, one of the most effective ways to nudge is via social influence

• What are the two basic categories in which social influence comes?

  1. Information (if many people do something Orr think something, their actions and their thoughts convey information about what might be best for you)
  2. Peer pressure ( if you care about what other people think about you, then you might go along with the crowd to avoid their wrath or curry their behavior