A nudge, as we will use the term, is any aspect of the choice architecture that alters people’s behavior in a predictable way without forbidding any options or significantly changing their economic incentives.

benefits apply only to future workers. Loss aversion is a powerful conservative force that favors minimal changes from the status quo in the lives of both institutions and individuals. This conservatism helps keep us stable in our neighborhood, our marriage, and our job; it is the…

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more people were participating, which is good, but their savings rates were far too low and their investments were far too conservative.

prospect theory: equivalent losses hurt worse than equivalent gains feel good. What that implies is that a reduction in inhibiting pressure will generally be more effective than the equivalent addition of a promoting pressure,