Lecture 20 Malleability and Inaccessibility of Preferences
[SQUEAKING] [RUSTLING] [CLICKING] FRANK SCHILLBACH Let me get started on lecture 20. So I'm going to finish up with what we discussed last time, which is lecture 19. And then we're going to talk about lecture 20, which is about malleability and inaccessibility of preferences. For now, we're going to talk for a little bit more about defaults and frames, and nudges in particular. So what we left it off last time was we talked about default effects. We talked about that in particular in retirement savings. Defaults can be sort of setting essentially in one default option. That is like, what happens if you do nothing in a retirement savings account. Setting a certain default option can have very powerful effects in affecting people's behavior in a domain that's really important in this case, savings, and in a domain where traditional economic tools have not really gone very far, as in matching contributions, or any sort of like types of financial education...