Loyalty programs work because they create a sense of special... - Richard Thaler

"Loyalty programs work because they create a sense of special status and fairness, not just because of the rewards."

Richard Thaler

Economist Psychologist American Born 1945 (age 81)

More from Richard Thaler

"Mental accounting is how people organize, evaluate, and process financial activities."

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

"The most important thing to realize is that we are all irrational some of the time."

"Behavioral economics is the study of human choice."