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.
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© 2014 Mike Clayton
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Clayton, M. (2014). Hidden Power: Behavioural Economics. In: The Influence Agenda. Palgrave Macmillan, London. https://doi.org/10.1057/9781137355850_8
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DOI: https://doi.org/10.1057/9781137355850_8
Publisher Name: Palgrave Macmillan, London
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