Richard Thaler Quotes
People are less likely to think it's immoral to walk away from their home if they know others who have done so. And if enough people do it, the stigma begins to erode.
Topics
Moral Relativism
Foreclosure
Moral Judgment
Normalization
Social Norms
Social Pressure
Stigmatization, Stigma
Social Acceptance
Enough People
Behavioral Change
Community Influence
Economic Inequality
Financial Consequences
Financial Hardship
Housing Crisis
Mortgage Default
Social Conformity
Social Stigma
Stigma Reduction
Peer Effect
Citations
Thaler, Richard H. "Underwater, but Will They Leave the Pool?." The New York Times, 24 Jan. 2010.
Related Quotes
Richard H. Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was president of the American Economic Association.