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What Drives Me Crazy about the Popularity of Behavioral Economics
ByadminA recent article in the Minneapolis Star and Tribune, my former hometown newspaper, made the kind of statement that is all too common in popular reporting on behavioral economics: “The idea that we humans are not that smart comes from behavioral economics.” Really? Behavioral economics discovered stupidity? Irrationality? The limits of human intelligence? That is…
Coolest Nudge Ever!
ByadminI love behavioral science. I love public policy. And I am obsessed with music. So you can see why I think the nudge pictured below may be the coolest thing on the planet! It encourages drivers to drive at an appropriate speed, so they can hear music created by their passage over the road: I…
Does Having Too Much Money Make Us Stupid?
ByadminAs a science, economics does not always succeed at predicting how humans behave. The discipline assumes a level of rationality, and an ability to process complex information, that far exceeds human capacity. But as a standard for how people ought to behave, economics provides an excellent set of lessons. Consider the economic principle of consistency in financial…
On the Allure of Cheating
ByadminRecently, my 15-year-old son and a group of his friends went out together for dinner and a movie. The movie they chose to see was an R-rated comedy, a fact that only struck them when they approached the ticket office and realized they would not be allowed to see the movie. Not to be deterred,…
What Does Health Insurance Procrastination Have to do With Bruce Springsteen?
ByadminIn this Marketplace report, Dan Gorenstein explores the role procrastination played in all the last minute efforts to sign up for health insurance through Obamacare this year. Read on to see how I managed to work “the Boss” into the story. Updated Monday, Dec. 23: The Obama administration announced on Monday it was giving a one-day…
Feeling Conflicted about Greed
ByadminWith jobs disappearing faster than a major league fastball, the public is understandably irate at the damage that greed has wrought upon our economy. Financiers destroy their companies, and our retirement portfolios, and then complain when their bonuses are less than 7 figures. The greedy behavior in recent headlines has not been limited to Wall…

