The Nobel Prize In Economics for 2017 has been awarded to Richard H. Thaler for his contributions to behavioural economics.
Richard H. Thaler is an American economist and the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.
He is perhaps best known as a theorist in behavioral finance, and for his collaboration with Daniel Kahneman and others in further defining that field. In 2017, he was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to Behavioral economics.
Thaler’s research is often cited in marketing literature and his insights help recognise marketing tricks and avoid bad economic decisions.
Thaler and Shlomo Benartzi designed the “Save More Tomorrow” programme as a means of increasing individual occupational pension savings.
Richard Thaler and Laureate Robert J Shiller established the research area of behavioural finance.
Richard H Thaler demonstrated how nudging – a term he coined – may help people exercise better self-control e.g. when saving for a pension.
Limited rationality: Richard H. Thaler developed the theory of mental accounting, explaining how people simplify financial decisions
Richard H. Thaler explores how limited rationality, social preferences & lack of self-control affect individual decisions & market outcomes.
In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making.
Watch: Lecture by Richard Thaler on Behavioral Economics (2016): ”Past, Present and Future”
