Commitment devices work because we know our future self will... - Thaler, Richard

This quote is attributed to Thaler, Richard.

"Commitment devices work because we know our future self will lack willpower. Bind yourself now for your future self."

Thaler, Richard Perseverance

Behavioral Economist American Born 1945 (age 81)

More from 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."

"Perseverance is the key to success."

"Don't give up on what you believe in."

"I've been through worse."

"You learn to live with the pain."