Richard Thaler for NPE

Richard Partington “Nobel prize in economics awarded to Richard Thaler”


His research was praised for incorporating psychological assumptions into analyses of economic decision-making. The prize-givers said his work had shown how the limitations of an individual’s knowledge in the decision-making process, as well as the consequences of social preferences and a lack of self control, can affect people’s decisions as well as market outcomes.

Thaler, born in New Jersey in 1945, is a career academic and a Charles R Walgreen distinguished service professor of behavioural science and economics, and the director of the Center for Decision Research at the University of Chicago’s Booth School of Business. He made a cameo appearance in the 2015 film The Big Short, sitting beside Selena Gomez at a blackjack table.

He is a leading proponent of “nudge theory”, a concept of behavioural science that suggests small interventions in the environment, or incentives, can encourage people to make different decisions. Thaler co-authored a book, Nudge: Improving Decisions about Health, Wealth, and Happiness*2, with the US professor Cass Sunstein, which brought the subject to a wider audience in 2008.
See also

David Keyton and Jim Heintz “Richard Thaler wins Nobel for work in behavioral economics”