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Failing Better: What We Learn by Confronting Risk and Uncertainty

In: Nudge Theory in Action

Author

Listed:
  • Adam Thierer

    (Mercatus Center at George Mason University)

Abstract

When it comes to human health, wealth, and happiness—and to social progress and prosperity more generally—there is no static equilibrium, no final destination. There is only a dynamic and never-ending learning process. Learning from experience provides individuals and organizations with valuable informational inputs regarding which methods work better than others. Even more importantly, learning by doing facilitates social and economic resiliency that helps individuals and organizations develop better coping strategies for when things go wrong. Behavioral theorists and nudge advocates often fail to incorporate these insights into their analysis and policy proposals.

Suggested Citation

  • Adam Thierer, 2016. "Failing Better: What We Learn by Confronting Risk and Uncertainty," Palgrave Advances in Behavioral Economics, in: Sherzod Abdukadirov (ed.), Nudge Theory in Action, pages 65-94, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-319-31319-1_4
    DOI: 10.1007/978-3-319-31319-1_4
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    Cited by:

    1. Giest, Sarah & Mukherjee, Ishani, 2018. "Behavioral instruments in renewable energy and the role of big data: A policy perspective," Energy Policy, Elsevier, vol. 123(C), pages 360-366.
    2. Kuriakose, Francis & Joseph, Janssen, 2019. "The Origin and Nature of Behavioural Development Economics," MPRA Paper 97079, University Library of Munich, Germany.

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