Hidden Power: Behavioural Economics

Mike Clayton

Chapter Chapter 6 in The Influence Agenda, 2014, pp 136-156 from Palgrave Macmillan

Abstract: Abstract Richard Thaler was a graduate student studying under one of the leading economists of his generation: Sherwin Rosen. Thaler’s thesis was ‘The Value of Saving a Life: A Market Estimate’. His methodology was coldly analytical: he looked at how much more the labour market would pay people to do high-risk jobs. As you would expect, this involved lots of data-gathering and statistical analysis. But Thaler had a moment of genius: he decided to try asking people about how they valued their lives. This turned out to be a good idea, but the genius was in how he asked the question.

Keywords: Business Ethic; Rational Agent; Nobel Prize; Loss Aversion; Stakeholder Engagement (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1057/9781137355850_8

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