 So I think life is about economics. The way I view life is a lab that before we put together policies to try to make the world a better place, we need to understand the underlying motivations for why people do what they do. And until we understand those motivations, it's very difficult to craft efficient public policies. What I do is I go out to the real world and I generate my own data via field experiments. So I don't sit back as a passive observer. I actually go out to generate my own data. Now I do that in the world of education. I've done work in the area of charitable fundraising. I've looked at questions on why do women get paid less money than men in labor markets. And in each case I'm looking at a specific problem about how I can manipulate incentives or modify people's behaviors using behavioral economics and then I test it using field experiments. So I'm not waiting back as a passive observer. I'm actually going out and generating my own data. I think that is the key difference between what I do and what a typical economist does. It always helps with a good example. Absolutely. So let's think about the world of education. In America there is a constant debate about whether teachers should be paid with merit pay. Should teachers pay be based on how well their students' achievement advances over the school year? Lots of debate on both sides about whether merit pay works. So one experiment I've run with my colleagues is I've gone into school districts and I've randomly allocated teachers into different bonus schemes. In one bonus scheme they're simply told at the end of the school year if your students achieve you can earn up to an $8,000 bonus. Let's think about this as a traditional bonus scheme. In another bonus scheme at the beginning of the school year I actually give teachers $4,000 and tell them if your kids do not achieve you have to give us some of that money back. So think about Danny Kahneman's work on loss aversion and how people are very averse to losses. That's what I'm trying to leverage here. You know what I find is that teachers in that loss averse group end up working a lot harder and their students end up achieving a lot more than students who are in teachers' classrooms under the traditional bonus scheme. So what that shows us is the underlying motivation for why teachers are working harder an important attribute is loss aversion but also that we can use merit pay to induce teachers to work harder. So at the end of the day we can make the world a better place by using incentive schemes. You know I've been coming here to Tilburg since 1998 and art to see how has been one of my mentors so I've visited Tilburg probably a dozen times since 1998 and what art has always taught me and what people around Tilburg have always taught me is that innovation is king. And out of the box thinking and reaching for a goal that is unseen is exactly those that we should be reaching for and I think experimental economics helps us to detail which of those unseen goals are the most likely to be there when we grab them and what is the best path towards that type of goal. And I think when you compare individuals I think that's a very difficult chore because that leads to incrementalism and in that way comparisons across people lead to this world of incremental change rather than revolutionary change and I think thinking out of the box is essentially a revolutionary change that essentially is necessary in many cases but not necessary in other cases. I think money is always an incentive but not always the strongest incentive I think our own work shows us that in many cases non-pecuniary incentives can be equally as powerful as financial incentives. Think about the example of social norms. We've been working with various governments around the world to try to induce people who have not paid their taxes to pay their taxes on time and what we've been finding is that social norms can be extremely powerful to induce people to pay their taxes on time. And another area that we've looked at is adoption of green technologies. So when you think about some of the most important questions facing humankind involve climate change and what we should be doing to take care of the earth. Now an important component of that solution will be what households do. So we've been looking at how can we use incentives whether they're financial or non-financial incentives to induce households to adopt green technologies. Now what we found is that to get a household to adopt a technology for the very first time norms are very important. To get them to adopt deeper technologies prices are important. So in that way norms and prices work as compliments and they serve together to bring us to a better solution. So I think prices are important but not always the most important variable.