Thaler, Richard

"People are not always rational. We make systematic mistakes."

"The most important thing to understand about Behavioral Economics is that people are not rational."

"We are all vulnerable to cognitive biases."

"Humans are not the perfectly rational agents that standard economic theory assumes."

"Loss aversion is a powerful force in human decision-making."

"The concept of mental accounting helps explain how people think about money."

"Anchoring effects show that initial information disproportionately influences decisions."

"People tend to be overconfident in their own abilities."

"Default options have enormous power to influence choices."

"We judge risk and probability by how easy examples come to mind."

"Choice architecture matters far more than we typically acknowledge."

"Nudges can help people make better decisions without restricting their freedom."

"Time inconsistency is a fundamental feature of human behavior."

"People care about fairness, not just their own material well-being."

"Social preferences are not weaknesses but fundamental aspects of human nature."

"We systematically underestimate the value of our time."

"Sunk costs should not influence future decisions, yet they always do."

"Small improvements in choice architecture can have massive positive effects."

"Behavioral economics is simply economics done well."

"People make better decisions when they have good information and tools."

"The way options are presented shapes which we choose."

"Rationality is not about being emotionless, but about making sensible choices."

"We all have two systems of thinking: fast and slow."

"Habits form our behavior more than we like to admit."

"Incentives matter, but so do values and social norms."

"Money does not buy happiness after basic needs are met."

"We are terrible at predicting what will make us happy."

"Comparison to others affects our satisfaction more than absolute wealth."

"People adapt to circumstances faster than economists expect."

"Small changes in how we frame decisions produce large behavioral shifts."