Nudging Society to Better Decisions

We often think that psychological biases worsen decision making - but they can also be harnessed for good. This talk will discuss how "nudging" can help citizens make better decisions. For example, due to "status quo bias" (inertia), auto-enrolling employees into a pension makes them more likely to save. Due to "loss aversion", punishments for smoking can be more effective than rewards for not smoking. Due to "hyperbolic discounting" (impatience), immediate rewards can encourage good long-term habits such as exercise.A lecture by Alex EdmansThe transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/lectures-and-events/nudging-societyGresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There are currently over 2,000 lectures free to access or download from the website.Website: http://www.gresham.ac.uk Twitter: http://twitter.com/GreshamCollege Facebook: https://www.facebook.com/greshamcollege Instagram: http://www.instagram.com/greshamcollegeSupport the show