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How behavioral economics is being used against you
JAY GORY, MANAGING EDITOR, science
Nobel Prize winning economist Richard Thaler tells people to “nudge for good” — not everyone follows his adviceParamount Pictures/courtesy Everett CollectionBookmakers use ‘nudge theory’ to get gamblers to place riskier bets, car-sharing services use prompts to keep people working and video-subscription services start videos before the credits have rolled on the last one to keep people watching. Nobel Prize winning economist Richard Thaler’s nudge theory has helped workers beef up their retirement accounts to the tune of nearly $30 billion, gotten people to eat more fruits and vegetables, and even helped men improve their aim into urinals. Nudge theory is based on the idea that small tweaks in “choice architecture” — in other words, how choices are presented to consumers — can help steer people toward decisions that will benefit them. read more
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