When you get a checking account, you should have a savings account, and the number for the savings account should be one off of your checking account.

We can think about how we reduce the pain in paying. So, for example, credit cards are wonderful mechanisms to reduce the pain of paying. If you go to a restaurant and you are paying cash, you would feel much worse than if you were paying with credit card. Why? You know the price, there's no surprise, but if you're paying cash, you feel a bit more guilt.

Big Data is like teenage sex: everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it.

When people are in severe pain, there's an expression, you're a "pain person," and what that means is that nothing else matters.

Kids don't care what party they have, right? They want cake and they want to run around. Nothing else matters. But in this escalation, all the kids want parties like their friends. So, if all the friends have an amazing, expensive party, they all want the same thing. If we all got to scale down as a coordinated effort, all the kids would have been just as happy.

Once you break the social norm and create a new social norm, all of a sudden it can stay with us for a long time.

One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.