We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.

Motivation, basically getting people to be happy at work, everybody - everybody benefits.

The retail industry has its own headache: it loses $16 billion a year to customers who buy clothes, wear them with the tags tucked in, and return these secondhand clothes for a full refund.

We don't really want a huge house, but we want the house to be slightly bigger than our neighbors, and a car that is bigger than our neighbor's, and they're going on vacation that's slightly more expensive, and this escalation happens that things got out of hand.

In the U.S., I think there is an ideology of not telling kids what to do. Nobody to tell you who to marry, not tell you what job to pick. You're your own person. You have the freedom to choose, including the freedom to fail in magnificent ways. And I think that's the big difference. In other countries there is basically a social norm about saving that is passed from generation to generation. In the U.S. there isn't.

But because human being tend to focus on short-term benefits and our own immediate needs, such tragedies of the commons occur frequently .

The people that lend you money basically give you an answer based on the risk that they are willing to take. But just because a bank is willing to take a particular risk doesn't mean that that is the right amount for me to spend.