Read the article, “The Power of Nudges, for Good and Bad,” October 31, 2015, from the New York Times by economist Richard Thaler. Thaler was awarded the Nobel Memorial Prize in Economics in October 2017.
(https://www.nytimes.com/2015/11/01/upshot/the-power-of-nudges-for-good-and-bad.html)
In a New York Times article by economist Richard Thaler (“The Power of Nudges, for Good and Bad,” October 31, 2015), nudging is described as strategies that encourage consumers to buy products that they might otherwise not consider. It points to a common practice among online newspapers to restrict access to articles without an online subscription, but then offering a free one-month trial to facilitate access. This free trial then turns into an automatic renewal at the regular price that consumers must then call to cancel.
Respond to the questions
1. How might the practice of nudging be more harmful to consumers attempting to maximize utility?
2. Provide an example of nudging that you may have experienced. What was the intended outcome of the nudging? Explain why or why not it was successful.
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