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Master Class 2008: Improving Choices with Machine Readable Disclosure (Class 2)


At a minimum, what we're saying is that in every market where there is now required written disclosure, you have to give the same information electronically and we think intelligently how best to do that. In a sentence that's the nature of the proposal.—Richard Thaler


Master Class 2008: Liberatarian Paternalism: Why it is Impossible Not to Nudge (Class 1)


If you remember one thing from this session, let it be this one: There is no way of avoiding meddling. People sometimes have the confused idea that we are pro meddling. That is a ridiculous notion. It's impossible not to meddle. Given that we can't avoid meddling, let's meddle in a good way. —Richard Thaler




"What I would like to argue for is to stop using the idea of big data as this big rubric to cover all these practices within businesses, like Google, that don't really have the structure to close the empirical loop to determine what part of their success is based on scientifically replicable and testable analytic results versus science, where that's really all we care about. Science is never, in my opinion, going to just get automatic, and it's very rarely easy."

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"What motivates people? What is it that people want to figure out, and when do they decide, "Hey, I've got to go find some information," and how can we get them to do that more, to find the information, and then use it in their life?"

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"Computers and networks finally offer us the ability to write. And we do write with them. Everyone is a blogger, now. Citizen bloggers and YouTubers who believe we have now embraced a new "personal" democracy. Personal, because we can sit safely at home with our laptops and type our way to freedom.

But writing is not the capability being offered us by these tools at all. The capability is programming—which almost none of us really know how to do. We simply use the programs that have been made for us, and enter our blog text in the appropriate box on the screen. Nothing against the strides made by citizen bloggers and journalists, but big deal. Let them eat blog."

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"These are exhibitions which are not material, but which are more virtual, virtual in the sense of them always being able to be reactualized. They can be revisited and reactualized and updated, and they are also not related to a place. The exhibition can go to where the viewer is. Anybody in the world can download these formulas and pin them on the wall, or they can do their own and trigger their own formulas. We are in the very early days of understanding how the Internet can be used for exhibitions."

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"Warming is unequivocal, that's true. But that's not a sophisticated question. A much more sophisticated question is how much of the climate Ma Earth, a perverse lady, gives us is from her, and how much is caused by us. That's a much more sophisticated, and much more difficult question."

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"Another example that we've been investigating arehuge swarms of Mormon crickets. If you look at these swarms, all of the individuals are marching in the same direction, and it looks like cooperative behavior. Perhaps they have come to a collective decision to move from one place to another. We investigated this collective decision, and what really makes this system work in the case of the Mormon cricket is cannibalism."

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"It is customary to think about fashions in things like clothes or music as spreading in a social network. But it turns out that all kinds of things, many of them quite unexpected, can flow through social networks, and this process obeys certain rules we are seeking to discover.  We've been investigating the spread of obesity through a network, the spread of smoking cessation through a network, the spread of happiness through a network, the spread of loneliness through a network, the spread of altruism through a network.  And we have been thinking about these kinds of things while also keeping an eye on the fact that networks do not just arise from nothing or for nothing.  Very interesting rules determine their structure."

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"The only thing that hasn't been engineered are the living things, ourselves. Again, what's the consequence of doing that at scale? Biotechnology is 30 years old; it's a young adult. Most of the work is still to come, but how do we actually do it? Let's not talk about it, let's actually go do it, and then let's deal with the consequences in terms of how this is going to change ourselves, how the biosecurity framework needs to recognize that it's not going to be nation-state driven work necessarily, how an ownership sharing and innovation framework needs to be developed that moves beyond patent-based intellectual property and recognizes that the information defining the genetic material's going to be more important than the stuff itself and so you might transition away from patents to copyright and so on and so forth.."

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