Behavioral Economics, Ep. 4: Should Someone Nudge You Into Making A Decision? - Learn Liberty

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Here’s how you help free people make the best choices.
Free market economists argue that people should be left alone to make decisions for themselves, but sometimes, specialized knowledge is required to make a decision that most people just don’t have. Is there a way to encourage people to make what is, for most of them, the right choice without forcing all of them to make that choice? The answer is what economists call nudging. Professor Antony Davies of Duquesne University and Erika Davies of George Mason University explain. Learn more at http://hayekandchill.com/economics/.


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LEARN MORE:
Behavioral Economics (playlist): Heuristics, cognitive biases, public choice-- oh my! Watch the entire series to learn more about behavioral economics at http://hayekandchill.com/economics/
Economics Made Easy (playlist): Want to learn more about how the economy works? Check out our playlist for videos on immigration, the minimum wage, and much more!    • Economics Made Easy  
Predictably Irrational (book): From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They’re systematic and predictable—making us predictably irrational. http://danariely.com/books/predictabl...
Nudge: Improving Decisions About Health, Wealth, and Happiness (book): Richard H. Thaler and Cass R. Sunstein’s seminal work on creating policies designed to alter the behavior of individuals to their benefit while still maintaining an element of choice. https://www.amazon.com/Nudge-Improvin...
“Libertarian” Paternalism? (podcast): Bill Glod of the Institute for Humane Studies critiques concepts such as “Nudge” and other forms of so-called libertarian paternalism. http://www.libertarianism.org/media/f...


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