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Nudge
Improving Decisions about Health, Wealth and Happiness
The message of Nudge is to show us how we can be encouraged, with just a slight nudge or two, to make better decisions. The book starts by explaining the reasons for wrong decisions we make in everyday life.
- Anyone who wants to live a healthier, more disciplined life
- Anyone interested in how countries and companies can influence people’s decisions
Richard H. Thaler (b. 1945) is a professor of Behavioral Science and Economics at the University of Chicago. Cass R. Sunstein (b. 1954) is a professor at Harvard Law School and serves as an advisor to president Barack Obama.
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Nudge
Improving Decisions about Health, Wealth and Happiness
- Read in 16 minutes
- Audio & text available
- Contains 11 key ideas
Synopsis
The message of Nudge is to show us how we can be encouraged, with just a slight nudge or two, to make better decisions. The book starts by explaining the reasons for wrong decisions we make in everyday life.
Key idea 1 of 11
We don’t always make decisions that are best for us in the long run.
Most people have a pretty clear idea of what’s good for them and what’s not. They are determined to eat healthily, save money for retirement and not smoke.
But when it comes to actually seeing these things through in everyday life, they often do the opposite: they eat unhealthily, they’re reckless with money and they smoke too much.
Unwise behaviors crop up in all parts of our lives, from eating habits to investment decisions to the way we structure our daily schedule. We grab a chocolate bar even though we know that an apple would be better for us; we hit snooze every time our alarm rings despite knowing this means we’ll only have to rush later.
Such behavioral patterns cause problems when quick decisions result in serious long-term consequences.For example, statistics show that when it comes to saving money, most US citizens save very little even though they know this can cause them trouble later.
If we suddenly lose our income due to illness or unemployment or have unexpected expenses like getting our car fixed, and have no savings to fall back on, we become angry about the irrational decisions we made in the past. And yet, despite knowing this, we continue to make financial decisions based on short-term rather than long-term goals.
We don’t always make decisions that are best for us in the long run.
Key ideas in this title
- We don’t always make decisions that are best for us in the long run.
- We often make bad decisions based on either too little or overly complex information.
- Human beings act mainly on gut feelings.
- Sometimes we make faulty decisions because we succumb to temptation or act without thinking.
- Some companies exploit the human tendency to make the wrong decisions.
- Nudges are subtle changes in context that help us avoid making bad decisions.
- Defaults are highly effective nudges that cause people to automatically do what’s best for them.
- Nudges are most useful when we have too many choices or when the future is at stake.
- Many people use nudges to achieve their goals.
- States and other institutions should use nudges to encourage wise decisions.
- Final summary
