Publications by authors named "Richard Thaler"

Nudging is being framed.

Behav Brain Sci

August 2023

I make three points. First, the i-frame and s-frame are not helpful frameworks for thinking about behavioral public policy. Second, the authors ignore the role of politics: Policies (and the s-frame) require laws and regulations.

View Article and Find Full Text PDF

Lotteries have been shown to motivate behaviour change in many settings, but their value as a policy tool is relatively untested. We implemented a pre-registered, citywide experiment to test the effects of three high-pay-off, geographically targeted lotteries designed to motivate adult Philadelphians to get their COVID-19 vaccine. In each drawing, the residents of a randomly selected 'treatment' zip code received half the lottery prizes, boosting their chances of winning to 50×-100× those of other Philadelphians.

View Article and Find Full Text PDF

We present evidence of sudden-death aversion (SDA)-the tendency to avoid "fast" strategies that provide a greater chance of success, but include the possibility of immediate defeat, in favor of "slow" strategies that reduce the possibility of losing quickly, but have lower odds of ultimate success. Using a combination of archival analyses and controlled experiments, we explore the psychology behind SDA. First, we provide evidence for SDA and its cost to decision makers by tabulating how often NFL teams send games into overtime by kicking an extra point rather than going for the 2-point conversion (Study 1) and how often NBA teams attempt potentially game-tying 2-point shots rather than potentially game-winning 3-pointers (Study 2).

View Article and Find Full Text PDF

Governments are increasingly adopting behavioral science techniques for changing individual behavior in pursuit of policy objectives. The types of "nudge" interventions that governments are now adopting alter people's decisions without coercion or significant changes to economic incentives. We calculated ratios of impact to cost for nudge interventions and for traditional policy tools, such as tax incentives and other financial inducements, and we found that nudge interventions often compare favorably with traditional interventions.

View Article and Find Full Text PDF