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AudioBooks - Nudge - Economic Nobel Prize 2017
Nudge: Improving Decisions About Health, Wealth, and Happiness
If you've downloaded the audio version of Nudge and are looking for the ancillary materials, please click here. A groundbreaking discussion of how we can apply the new science of choice architecture to nudge people toward decisions that will improve their lives by making them healthier, wealthier, and more free Every day, we make decisions on topics ranging from personal investments to schools for our children to the meals we eat to the causes we champion. Unfortunately, we often choose poorly. Nobel laureate Richard Thaler and legal scholar and bestselling author Cass Sunstein explain in this important exploration of choice architecture that, being human, we all are susceptible to various biases that can lead us to blunder. Our mistakes make us poorer and less healthy; we often make bad decisions involving education, personal finance, health care, mortgages and credit cards, the family, and even the planet itself. In Nudge , Thaler and Sunstein invite us to enter an alternative world, one that takes our humanness as a given. They show that by knowing how people think, we can design choice environments that make it easier for people to choose what is best for themselves, their families, and their society.
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One of the many competitive advantages American public intellectuals have over their British counterparts is the ability to capture their thesis in a single word: Chaos, Sway, Faster, Blink. The most successful of these endeavours colonise the word for the author's purposes. Nudge has become the 'it' book for politicos. Thaler is in the middle of a fortnight in the UK and is being courted and feted by the chattering, thinking, wonking classes. Everyone who is anyone has been nudged by the amiable prof I bought him dinner.
Yes, there is such a thing as common sense — and thank goodness for that. Few people will be surprised to learn that the setting in which individuals make decisions often influences the choices they make. But the same tendency also affects decisions with more significant consequences: how much families save and how they invest; what kind of mortgage they take out; which medical insurance they choose; what cars they drive. Behavioral economics, a new area of research combining economics and psychology, has repeatedly documented how our apparently free choices are affected by the way options are presented to us. And the framing will affect the decisions.