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Richard H. Thaler (born September 12, 1945) is an American economist who holds the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics chair at the [[University of Chicago Booth School of Business]]. A central figure in the development of [[behavioral economics]], Thaler has spent decades examining how real human behavior diverges from the rational-actor models that long dominated economic theory — work that earned him the 2017 [[Nobel Memorial Prize in Economic Sciences]].<ref name="nobel">{{cite web |title=The Prize in Economic Sciences 2017 |url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/press.html |publisher=The Royal Swedish Academy of Sciences |date=2017-10-09 |access-date=2026-02-24}}</ref> His research has explored phenomena such as mental accounting, the endowment effect, limited self-control, and preferences for fairness, building what the Royal Swedish Academy of Sciences described as "a bridge between the economic and psychological analyses of individual decision-making."<ref name="nobel" /> Through collaborations with psychologists [[Daniel Kahneman]] and [[Amos Tversky]], and through his influential concept of "nudge" — the idea that subtle changes in how choices are presented can steer people toward better decisions without restricting their freedom — Thaler has reshaped both academic economics and public policy worldwide.<ref name="reuters">{{cite news |last= |first= |date=2017-10-09 |title='We're all human': Nudge theorist Thaler wins economics Nobel |url=https://www.reuters.com/article/us-nobel-prize-economics/were-all-human-nudge-theorist-thaler-wins-economics-nobel-idUSKBN1CE0X5 |work=Reuters |access-date=2026-02-24}}</ref> He served as president of the [[American Economic Association]] in 2015 and was elected to the [[National Academy of Sciences]] in 2018. His career has spanned appointments at the [[University of Rochester]], [[Cornell University]], and the University of Chicago, where he has been based since 1995.<ref name="cornell">{{cite web |title=Nobel laureate Richard Thaler delights in the human side of economics |url=https://news.cornell.edu/stories/2025/10/nobel-laureate-richard-thaler-delights-human-side-economics |publisher=Cornell Chronicle |date=2025-10-31 |access-date=2026-02-24}}</ref>
Richard H. Thaler (born September 12, 1945) is an American economist who holds the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics chair at the [[University of Chicago Booth School of Business]]. A central figure in the development of [[behavioral economics]], Thaler's work has bridged the gap between traditional economic theory and the psychological realities of human decision-making, challenging the long-held assumption that individuals always act as perfectly rational agents. His research into phenomena such as mental accounting, the endowment effect, and present bias has reshaped how economists, policymakers, and businesses understand consumer behavior and market dynamics. In 2017, the [[Royal Swedish Academy of Sciences]] awarded Thaler the [[Nobel Memorial Prize in Economic Sciences]], citing his contributions for having "built a bridge between the economic and psychological analyses of individual decision-making."<ref name="nobel">{{cite web |title=The Prize in Economic Sciences 2017 |url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/press.html |publisher=Nobel Prize |access-date=2026-02-24}}</ref> Over a career spanning more than four decades, Thaler has held faculty positions at the [[University of Rochester]], [[Cornell University]], and the University of Chicago. He served as president of the [[American Economic Association]] in 2015 and was elected a member of the [[National Academy of Sciences]] in 2018. His scholarship, public writing, and popular books—including ''Nudge'' (co-authored with [[Cass Sunstein]])—have brought behavioral economics into mainstream public discourse and influenced government policy around the world.


== Early Life ==
== Early Life ==


Richard H. Thaler was born on September 12, 1945, in [[East Orange, New Jersey]].<ref name="nber">{{cite web |title=Richard H. Thaler — Vita |url=http://www.nber.org/vitae/vita507.htm |publisher=National Bureau of Economic Research |date= |access-date=2026-02-24}}</ref> He grew up in New Jersey in a middle-class family. Details about his parents and upbringing are limited in public sources, though his later academic work would suggest an early curiosity about how people make decisions — a curiosity that would eventually reshape an entire field of study.
Richard H. Thaler was born on September 12, 1945, in [[East Orange, New Jersey]], a suburban community in [[Essex County, New Jersey|Essex County]].<ref name="nytimes">{{cite news |last= |first= |date=2017-10-09 |title=Nobel in Economics Is Awarded to Richard Thaler |url=https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html |work=The New York Times |access-date=2026-02-24}}</ref> Details regarding his parents and upbringing remain limited in publicly available sources. From an early age, Thaler developed an interest in understanding how people make decisions, an intellectual curiosity that would eventually lead him to question fundamental assumptions in economic theory.


Thaler attended [[Case Western Reserve University]] (then known as Case Institute of Technology) in Cleveland, Ohio, where he earned his Bachelor of Arts degree.<ref name="case">{{cite web |title=Alumnus Richard H. Thaler Earns Nobel Prize for Work in Behavioral Economics |url=http://thedaily.case.edu/alumnus-richard-h-thaler-earns-nobel-prize-work-behavioral-economics/ |publisher=Case Western Reserve University — The Daily |date=2017-10-09 |access-date=2026-02-24}}</ref> His undergraduate education provided a foundation in economics that he would later build upon at the graduate level.
Thaler grew up during the postwar era in the northeastern United States, a period of significant economic expansion and growing cultural emphasis on consumer behavior. While the specific influences of his childhood on his later academic career are not extensively documented, his New Jersey roots placed him in proximity to major academic and financial centers, which may have contributed to his early exposure to economic thinking.


== Education ==
== Education ==


Thaler pursued his graduate education at the [[University of Rochester]], earning both his Master of Arts and Doctor of Philosophy degrees in economics.<ref name="nber" /> His doctoral dissertation, completed in 1974, was titled "The Value of Saving a Life: A Market Estimate" and was supervised by economist [[Sherwin Rosen]].<ref name="nber" /> The dissertation examined how economic methods could be used to estimate the monetary value society places on reducing the risk of death — a topic that sits at the intersection of economics and public policy. This early work foreshadowed Thaler's career-long interest in how economic theory could incorporate more realistic assessments of human behavior and decision-making.
Thaler received his undergraduate education at [[Case Western Reserve University]], where he earned a [[Bachelor of Arts]] degree.<ref name="case">{{cite web |title=Alumnus Richard H. Thaler earns Nobel Prize for work in behavioral economics |url=http://thedaily.case.edu/alumnus-richard-h-thaler-earns-nobel-prize-work-behavioral-economics/ |publisher=Case Western Reserve University |date=2017-10-09 |access-date=2026-02-24}}</ref> He then pursued graduate studies at the [[University of Rochester]], where he obtained both a [[Master of Arts]] degree and a [[Doctor of Philosophy]] degree in economics.<ref name="nber">{{cite web |title=Richard Thaler – NBER |url=http://www.nber.org/vitae/vita507.htm |publisher=National Bureau of Economic Research |access-date=2026-02-24}}</ref>


At Rochester, Thaler was trained in the neoclassical economic tradition, which emphasized models of rational, utility-maximizing agents. However, during his graduate studies and early career, he began collecting examples of economic behavior that did not conform to these standard models — instances where people made choices that appeared irrational by the standards of traditional theory.<ref name="persuasion">{{cite web |title=Richard Thaler on Why People are Much More Irrational than Economists Believe |url=https://www.persuasion.community/p/richard-thaler |publisher=Persuasion |date=2025-12-06 |access-date=2026-02-24}}</ref> These observations would become the foundation of his subsequent research program in behavioral economics.
His doctoral dissertation, completed in 1974 under the supervision of economist [[Sherwin Rosen]], was titled "The Value of Saving a Life: A Market Estimate."<ref name="thesis">{{cite web |title=The Value of Saving a Life: A Market Estimate |url=https://www.proquest.com/docview/302758459/ |publisher=ProQuest |access-date=2026-02-24}}</ref> The dissertation explored how economic markets implicitly assign value to human life, a topic that foreshadowed Thaler's later interest in how real-world economic behavior diverges from the predictions of standard rational-choice models. The University of Rochester's economics department at the time was firmly grounded in neoclassical economic theory, and Thaler's early exposure to rigorous rationalist models would serve as the intellectual foundation against which he would later develop his behavioral critiques.


== Career ==
== Career ==


=== Early Academic Career and the University of Rochester ===
=== Early Academic Career and the Foundations of Behavioral Economics ===


After completing his doctorate in 1974, Thaler began his academic career at the University of Rochester, where he had studied.<ref name="nber" /> During this period, he began to develop the ideas that would define his career. He started compiling a list of behaviors that contradicted the predictions of standard economic theory — what he would later term "anomalies." These included observations about how people treat money differently depending on its source or intended use, how people overvalue items they already possess, and how people struggle with self-control in ways that affect their economic decisions.
After completing his doctorate, Thaler joined the faculty at the [[University of Rochester]], where he began his academic career. During this period, he started to notice and catalog systematic ways in which human behavior deviated from the predictions of standard economic models. These observations would form the seeds of what became behavioral economics.<ref name="nber" />


A pivotal moment in Thaler's intellectual development came through his exposure to the work of psychologists Daniel Kahneman and Amos Tversky, whose research on cognitive biases and heuristics in judgment provided a psychological framework for the economic anomalies Thaler had been documenting.<ref name="persuasion" /> Their collaboration would prove foundational to the emergence of behavioral economics as a distinct field.
Thaler's early work was influenced significantly by the research of psychologists [[Daniel Kahneman]] and [[Amos Tversky]], whose groundbreaking studies on cognitive biases and heuristics demonstrated that human judgment systematically departs from the norms of rationality assumed in economic theory. Thaler recognized that the psychological findings of Kahneman and Tversky had profound implications for economics, and he began collaborating with them to apply these insights to economic problems.<ref name="nobel" />


=== Cornell University (1978–1995) ===
One of Thaler's most important early contributions was the concept of '''mental accounting''', which describes how individuals categorize, evaluate, and keep track of financial activities in separate mental "accounts" rather than treating money as fungible, as standard economic theory assumes. For example, a person might treat a tax refund differently from regular income, spending it more freely, even though both are economically identical. This concept challenged the foundational economic assumption of rational utility maximization and provided a framework for understanding a wide range of consumer behaviors.<ref name="nobel" />


In 1978, Thaler joined the faculty of [[Cornell University]]'s Samuel Curtis Johnson Graduate School of Management, where he would remain for seventeen years.<ref name="cornell" /> The Cornell period was productive for Thaler's research program. During these years, he developed and refined several of the core concepts that define behavioral economics.
Thaler also made significant contributions to understanding the '''endowment effect''', the phenomenon whereby people tend to value objects they already own more highly than identical objects they do not own. Working with Kahneman and economist Jack Knetsch, Thaler demonstrated through a series of experiments that this effect was robust and widespread, further undermining the predictions of standard economic models regarding exchange and valuation.<ref name="nobel" />


One of Thaler's most significant contributions during this period was his work on '''mental accounting''' — the theory that people categorize, evaluate, and track their financial activities using a set of mental accounts, rather than treating money as perfectly fungible as standard economic theory assumes. For example, a person might treat a tax refund differently from salary income, spending the refund more freely even though both are economically equivalent. This concept provided a systematic framework for understanding a wide range of otherwise puzzling consumer behaviors.
=== Cornell University ===


Thaler also conducted influential research on the '''endowment effect''', in collaboration with Kahneman and Jack Knetsch. Their experiments demonstrated that people tend to value an object more highly simply because they own it — a finding that contradicts the standard economic assumption that willingness to pay and willingness to accept should be approximately equal. This work had implications for understanding market behavior, negotiation, and policy design.
In 1978, Thaler moved to [[Cornell University]], where he served on the faculty of the Samuel Curtis Johnson Graduate School of Management.<ref name="cornell_visit">{{cite web |title=Nobel laureate Richard Thaler delights in the human side of economics |url=https://news.cornell.edu/stories/2025/10/nobel-laureate-richard-thaler-delights-human-side-economics |publisher=Cornell Chronicle |date=2025-10-31 |access-date=2026-02-24}}</ref> He remained at Cornell until 1995, a period during which he produced much of the foundational research that would define the field of behavioral economics.


During the Cornell years, Thaler began writing his influential "Anomalies" column for the ''Journal of Economic Perspectives'', which ran from 1987 to 1990 and was later continued.<ref>{{cite web |title=Anomalies — Richard Thaler |url=https://web.archive.org/web/20060829235306/http://faculty.chicagogsb.edu/richard.thaler/research/Anomalies.htm |publisher=University of Chicago GSB (archived) |date= |access-date=2026-02-24}}</ref> Each installment documented a specific way in which observed economic behavior deviated from the predictions of rational-choice theory. The column became a touchstone for researchers interested in behavioral approaches to economics and helped legitimize the study of economic anomalies within mainstream economics.
During his time at Cornell, Thaler authored a series of influential columns titled "Anomalies" for the ''Journal of Economic Perspectives'', in which he documented and analyzed economic phenomena that could not be easily explained by standard rational-choice models.<ref name="anomalies">{{cite web |title=Anomalies |url=https://web.archive.org/web/20060829235306/http://faculty.chicagogsb.edu/richard.thaler/research/Anomalies.htm |publisher=University of Chicago Booth School of Business (archived) |access-date=2026-02-24}}</ref> These columns covered topics ranging from the equity premium puzzle and the winner's curse to seasonal patterns in stock returns and the ultimatum game. The "Anomalies" series became required reading for economists interested in the boundaries of rational-choice theory and helped establish behavioral economics as a legitimate subfield within the discipline.


Another important area of Thaler's research at Cornell involved the concept of '''fairness''' in economic transactions. Working with Kahneman and Knetsch, Thaler conducted surveys and experiments showing that people care about fairness and are willing to sacrifice their own economic gain to punish those they perceive as behaving unfairly. This research challenged the standard economic assumption that agents are purely self-interested and had significant implications for understanding pricing, labor markets, and consumer behavior.
Thaler's 1991 book ''The Winner's Curse: Paradoxes and Anomalies of Economic Life'' collected and expanded upon many of these anomalies, presenting them to a broader audience. The book demonstrated how auction participants systematically overbid, how people are subject to the sunk cost fallacy, and how various market behaviors defy the predictions of classical economics. In 2025, Thaler and co-author Alex Imas published an updated edition of this work, revisiting and expanding upon the original themes in light of decades of subsequent research in behavioral economics.<ref name="wharton">{{cite web |title=Nobel Laureate Richard Thaler's New Take on the Classic 'Winner's Curse' |url=https://knowledge.wharton.upenn.edu/article/nobel-laureate-richard-thalers-new-take-on-the-classic-winners-curse/ |publisher=Knowledge at Wharton |access-date=2026-02-24}}</ref>


Thaler's work on '''self-control''' problems and '''intertemporal choice''' also matured during this period. He proposed models that incorporated the idea that individuals are conflicted decision-makers, with a "planner" self that values long-term outcomes and a "doer" self that is drawn to immediate gratification. This framework helped explain phenomena such as undersaving for retirement, overeating, and procrastination — behaviors that are difficult to reconcile with standard rational-agent models.
=== University of Chicago ===


=== University of Chicago Booth School of Business (1995–present) ===
In 1995, Thaler joined the faculty of the University of Chicago Booth School of Business, where he was appointed the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics.<ref name="booth">{{cite web |title=Richard H. Thaler – Faculty |url=http://www.chicagobooth.edu/faculty/bio.aspx?person_id=12825835520 |publisher=University of Chicago Booth School of Business |access-date=2026-02-24}}</ref> This appointment was notable because the University of Chicago had long been the intellectual center of the [[Chicago school of economics]], which emphasizes rational expectations, efficient markets, and minimal government intervention—principles that behavioral economics often challenges.


In 1995, Thaler moved to the [[University of Chicago Booth School of Business]], where he was appointed the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics.<ref name="chicagobooth">{{cite web |title=Richard H. Thaler — Faculty |url=http://www.chicagobooth.edu/faculty/bio.aspx?person_id=12825835520 |publisher=University of Chicago Booth School of Business |date= |access-date=2026-02-24}}</ref> The appointment was notable given the University of Chicago's historical association with the [[Chicago school of economics]], which had long championed rational-agent models and efficient market theory. Thaler's presence at Chicago represented a broadening of the intellectual discourse at the institution.
Thaler's presence at Chicago Booth created a productive intellectual tension. While colleagues such as [[Eugene Fama]] championed the [[efficient-market hypothesis]], Thaler argued that markets are populated by humans who are subject to predictable biases and limitations. This juxtaposition made the University of Chicago a uniquely dynamic environment for the debate between traditional and behavioral approaches to economics.<ref name="ft">{{cite news |last= |first= |date= |title=Richard Thaler profile |url=https://www.ft.com/content/49f68431-8675-3a0c-ab51-b90c230ed2ba |work=Financial Times |access-date=2026-02-24}}</ref>


At Chicago, Thaler continued to expand the scope of behavioral economics. His research extended into '''behavioral finance''', where he examined how psychological biases affect financial markets. He co-founded Fuller & Thaler Asset Management, an investment firm that uses behavioral finance principles to identify mispriced stocks — essentially seeking to profit from the systematic errors that investors make due to cognitive biases.<ref>{{cite web |title=Fuller & Thaler Asset Management |url=http://www.fullerthaler.com/ |publisher=Fuller & Thaler Asset Management |date= |access-date=2026-02-24}}</ref> The firm's existence served as a practical test of behavioral finance theories, demonstrating that these insights could have real-world financial applications.
At Chicago, Thaler continued to develop his research on behavioral finance, which applies behavioral economic principles to financial markets. He co-founded the asset management firm Fuller & Thaler Asset Management, which uses behavioral finance insights to identify mispriced stocks, based on the premise that investors systematically overreact or underreact to new information.<ref name="fullerthaler">{{cite web |title=Fuller & Thaler Asset Management |url=http://www.fullerthaler.com/ |publisher=Fuller & Thaler Asset Management |access-date=2026-02-24}}</ref>


==== Nudge Theory and Public Policy ====
=== Nudge Theory and Public Policy ===


Perhaps Thaler's most widely known contribution is the concept of the "nudge," developed in collaboration with legal scholar [[Cass Sunstein]] and articulated in their 2008 book ''Nudge: Improving Decisions About Health, Wealth, and Happiness''. The book argued that "choice architects" — those who design the environments in which people make decisions — can structure choices in ways that guide people toward better outcomes while preserving their freedom to choose otherwise. Thaler and Sunstein termed this approach "libertarian paternalism."<ref name="reuters" />
In 2008, Thaler co-authored ''Nudge: Improving Decisions About Health, Wealth, and Happiness'' with legal scholar [[Cass Sunstein]]. The book introduced the concept of '''nudge theory''' to a popular audience, arguing that institutions can design "choice architectures" that guide people toward better decisions without restricting their freedom of choice—an approach the authors termed "libertarian paternalism."<ref name="nudges">{{cite web |title=Nudges |url=http://www.nudges.org/ |publisher=Nudges.org |access-date=2026-02-24}}</ref>


The concept of nudging had significant policy impact. In the United Kingdom, the government established the Behavioural Insights Team (often called the "Nudge Unit") in 2010 to apply behavioral science principles to public policy. Similar units were established in the United States under the Obama administration and in other countries around the world. Applications included automatic enrollment in retirement savings plans, simplified government forms, and redesigned tax reminders — interventions that used insights from behavioral economics to improve outcomes without mandating specific behaviors.<ref>{{cite web |title=Nudges |url=http://www.nudges.org/ |publisher=Nudges.org |date= |access-date=2026-02-24}}</ref>
''Nudge'' proposed that small changes in how options are presented—such as making enrollment in retirement savings plans the default option rather than requiring employees to opt in—can have significant effects on behavior. The book argued that these "nudges" could be applied across domains including healthcare, environmental policy, and consumer protection to improve outcomes while preserving individual autonomy.


Thaler maintained an active public presence through the Nudges blog (nudges.org), where he and collaborators discussed applications of behavioral science to policy and everyday life.
The influence of ''Nudge'' extended well beyond academia. In 2010, the United Kingdom established the Behavioural Insights Team (commonly known as the "Nudge Unit") within the Cabinet Office, directly inspired by the book's ideas. Similar behavioral policy units were subsequently established in governments around the world, including the United States, where the Obama administration created the Social and Behavioral Sciences Team in 2015.<ref name="reuters">{{cite news |last= |first= |date=2017-10-09 |title='We're all human': Nudge theorist Thaler wins economics Nobel |url=https://www.reuters.com/article/us-nobel-prize-economics/were-all-human-nudge-theorist-thaler-wins-economics-nobel-idUSKBN1CE0X5 |work=Reuters |access-date=2026-02-24}}</ref>


==== The Winner's Curse and Continued Research ====
=== Research on Self-Control and Fairness ===


Thaler's 1991 book ''The Winner's Curse: Paradoxes and Anomalies of Economic Life'' compiled and expanded upon his "Anomalies" columns, presenting a collection of economic puzzles that challenged conventional theory. The book became a standard reference in behavioral economics. In 2025, Thaler and economist Alex Imas published an updated version of the work, revisiting the classic anomalies in light of subsequent research and identifying new ones.<ref name="wharton">{{cite web |title=Nobel Laureate Richard Thaler's New Take on the Classic 'Winner's Curse' |url=https://knowledge.wharton.upenn.edu/article/nobel-laureate-richard-thalers-new-take-on-the-classic-winners-curse/ |publisher=Knowledge at Wharton |date=2025 |access-date=2026-02-24}}</ref> The updated book was discussed in conversations at the University of California, Berkeley, with professors Ulrike Malmendier and Stefano DellaVigna, and at other academic venues.<ref>{{cite web |title=The 'winner's curse' revisited: Nobelist Richard Thaler unpacks new book with leading UC Berkeley behavioral economists |url=https://newsroom.haas.berkeley.edu/the-winners-curse-revisited-nobelist-richard-thaler-unpacks-new-book-with-leading-uc-berkeley-behavioral-economists/ |publisher=UC Berkeley Newsroom |date=2025 |access-date=2026-02-24}}</ref>
A significant portion of Thaler's research has focused on the problem of '''self-control''' in economic decision-making. Standard economic models assume that individuals have consistent preferences over time and can execute long-term plans without difficulty. Thaler's work demonstrated that people frequently struggle with self-control, preferring immediate gratification over larger future rewards—a phenomenon known as '''present bias''' or '''hyperbolic discounting'''.<ref name="nobel" />


==== ''Misbehaving'' and Public Engagement ====
Thaler and his collaborator [[Shlomo Benartzi]] developed the "Save More Tomorrow" (SMarT) program, which applied behavioral insights to address the problem of inadequate retirement savings. The program asked employees to commit in advance to allocating a portion of future salary increases toward retirement savings. By leveraging inertia and loss aversion—people are reluctant to see their take-home pay decrease—the program significantly increased savings rates among participants. The SMarT program has been adopted by numerous employers and is considered one of the most successful practical applications of behavioral economics.<ref name="reuters" />


In 2015, Thaler published ''Misbehaving: The Making of Behavioral Economics'', a narrative account of the development of behavioral economics and his role in it. The book traced the field's evolution from a collection of puzzling observations to a major area of economic research and policy application.
Thaler also contributed research on '''fairness''' as an economic concept. Working with Kahneman and Knetsch, he studied how perceptions of fairness influence market behavior, demonstrating that consumers and businesses often act according to fairness norms even when doing so contradicts profit maximization. For instance, their research showed that people view price increases during emergencies as unfair and may punish firms perceived as gouging, even at personal cost.<ref name="nobel" />


Thaler also made a cameo appearance in the 2015 film ''The Big Short'', in which he appeared alongside singer [[Selena Gomez]] to explain the concept of the "hot hand fallacy" and synthetic collateralized debt obligations.<ref>{{cite news |last= |first= |date=2015-12 |title=The Big Short: Understanding Economics |url=https://www.wired.com/2015/12/big-short-understanding-economics |work=Wired |access-date=2026-02-24}}</ref> The scene exemplified Thaler's ability to communicate complex economic concepts to a broad audience.
=== Popular Media and Public Engagement ===


In 2025, Thaler continued his public engagement, participating in interviews and public discussions. He appeared on ''The Weekly Show'' with Jon Stewart to discuss the irrationality of economic behavior and its implications for public policy.<ref>{{cite web |title=The Irrational Economy w/ Nobel Laureate Richard Thaler (Transcript) |url=https://singjupost.com/the-irrational-economy-w-nobel-laureate-richard-thaler-transcript/ |publisher=The Singju Post |date=2025 |access-date=2026-02-24}}</ref> He also returned to Cornell University in October 2025 for a public conversation about his work.<ref>{{cite web |title=Nobel-winning behavioral economist Richard Thaler to speak Oct. 17 |url=https://news.cornell.edu/stories/2025/10/nobel-winning-behavioral-economist-richard-thaler-speak-oct-17 |publisher=Cornell Chronicle |date=2025-10-02 |access-date=2026-02-24}}</ref> Additionally, he participated in an in-person event at the University of Chicago Booth School of Business with the hosts of the ''Capitalisn't'' podcast, Bethany McLean and Luigi Zingales.<ref>{{cite web |title=Nobel Laureate Richard Thaler on Capitalisn't |url=https://www.chicagobooth.edu/research/stigler/events/richard-thaler-on-capitalisnt |publisher=University of Chicago Booth School of Business |date=2025-09-15 |access-date=2026-02-24}}</ref>
Thaler has maintained an active public profile beyond his academic work. He made a notable cameo appearance in the 2015 film ''[[The Big Short (film)|The Big Short]]'', in which he appeared alongside pop star [[Selena Gomez]] in a scene explaining the concept of the "hot hand fallacy" and synthetic collateralized debt obligations at a Las Vegas blackjack table.<ref name="wired">{{cite news |last= |first= |date=2015-12 |title=The Big Short: Understanding Economics |url=https://www.wired.com/2015/12/big-short-understanding-economics |work=Wired |access-date=2026-02-24}}</ref>
 
Thaler has also been a frequent commentator in media on economic topics related to behavioral science. In 2025, he appeared on ''The Weekly Show with Jon Stewart'' to discuss the irrational aspects of economic behavior and the implications of behavioral economics for understanding markets and public policy.<ref name="stewart">{{cite web |title=The Irrational Economy w/ Nobel Laureate Richard Thaler (Transcript) |url=https://singjupost.com/the-irrational-economy-w-nobel-laureate-richard-thaler-transcript/ |publisher=The Singju Post |access-date=2026-02-24}}</ref> In a December 2025 conversation with Yascha Mounk on the ''Persuasion'' platform, Thaler discussed why people are "much more irrational than economists believe," elaborating on the persistent gap between economic models and actual human behavior.<ref name="persuasion">{{cite web |title=Richard Thaler on Why People are Much More Irrational than Economists Believe |url=https://www.persuasion.community/p/richard-thaler |publisher=Persuasion |date=2025-12-06 |access-date=2026-02-24}}</ref>
 
In October 2025, Thaler returned to Cornell University for a campus visit and public conversation about his career and research, an event that drew significant interest from students and faculty.<ref name="cornell_talk">{{cite web |title=Nobel-winning behavioral economist Richard Thaler to speak Oct. 17 |url=https://news.cornell.edu/stories/2025/10/nobel-winning-behavioral-economist-richard-thaler-speak-oct-17 |publisher=Cornell Chronicle |date=2025-10-02 |access-date=2026-02-24}}</ref>
 
He has also participated in academic discussions at the University of California, Berkeley, where he was interviewed by professors Ulrike Malmendier and Stefano DellaVigna about the updated edition of ''The Winner's Curse''.<ref name="berkeley">{{cite web |title=The 'winner's curse' revisited: Nobelist Richard Thaler unpacks new book with leading UC Berkeley behavioral economists |url=https://newsroom.haas.berkeley.edu/the-winners-curse-revisited-nobelist-richard-thaler-unpacks-new-book-with-leading-uc-berkeley-behavioral-economists/ |publisher=UC Berkeley Newsroom |access-date=2026-02-24}}</ref>


== Personal Life ==
== Personal Life ==


Richard Thaler is married to France Leclerc and has three children.<ref name="nber" /> He resides in the Chicago area, where he has been based since joining the University of Chicago in 1995. Thaler has maintained a relatively private personal life compared to his prominent public and academic profile.
Richard Thaler is married to France Leclerc and has three children.<ref name="nber" /> He resides in the Chicago area, where he has been based since joining the University of Chicago faculty in 1995. Beyond his academic and professional work, publicly documented details about Thaler's personal life are limited.


When asked by a reporter what he planned to do with the Nobel Prize money (approximately 9 million Swedish kronor, or about $1.1 million), Thaler responded that he would try to spend it "as irrationally as possible" — a characteristically self-aware quip that underscored the themes of his research.<ref name="nytimes">{{cite news |last= |first= |date=2017-10-09 |title=Richard Thaler Wins Nobel in Economics for Work on How People Make Decisions |url=https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html |work=The New York Times |access-date=2026-02-24}}</ref>
When asked by a reporter what he planned to do with the Nobel Prize money (approximately 9 million Swedish kronor, or about $1.1 million at the time), Thaler responded that he would "try to spend it as irrationally as possible," a quip that reflected his career-long interest in the gap between rational economic theory and actual human behavior.<ref name="wsj">{{cite news |last= |first= |date=2017-10-09 |title=Nobel Prize in Economics Awarded to Richard H. Thaler |url=https://www.wsj.com/articles/nobel-prize-in-economics-awarded-to-richard-h-thaler-1507543046 |work=The Wall Street Journal |access-date=2026-02-24}}</ref>


== Recognition ==
== Recognition ==


=== Nobel Memorial Prize in Economic Sciences (2017) ===
Thaler's most prominent honor is the 2017 [[Nobel Memorial Prize in Economic Sciences]], awarded by the Royal Swedish Academy of Sciences. The Academy's citation stated that Thaler's "contributions have built a bridge between the economic and psychological analyses of individual decision-making" and that his "empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics."<ref name="nobel" /> Major news outlets around the world covered the award extensively.<ref name="nytimes" /><ref name="wsj" /><ref name="reuters" /><ref name="usatoday">{{cite news |last= |first= |date=2017-10-09 |title=Economics prize, last of the Nobels, awarded |url=https://www.usatoday.com/story/news/world/2017/10/09/economics-prize-last-nobels-awarded/745272001/ |work=USA Today |access-date=2026-02-24}}</ref>


On October 9, 2017, the Royal Swedish Academy of Sciences announced that Richard Thaler had been awarded the [[Nobel Memorial Prize in Economic Sciences]] "for his contributions to behavioural economics."<ref name="nobel" /> The Academy's press release stated that Thaler's "empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy."<ref name="nobel" />
In 2015, Thaler served as president of the [[American Economic Association]], one of the most prominent professional organizations for economists, reflecting his standing within the discipline.<ref name="nber" />


The award was covered extensively in international media. The ''New York Times'' reported on the prize, noting Thaler's role in challenging the assumption of human rationality that had long underpinned economic theory.<ref name="nytimes" /> The ''Wall Street Journal'' also covered the announcement, highlighting his influence on both academic economics and public policy.<ref>{{cite news |last= |first= |date=2017-10-09 |title=Nobel Prize in Economics Awarded to Richard H. Thaler |url=https://www.wsj.com/articles/nobel-prize-in-economics-awarded-to-richard-h-thaler-1507543046 |work=The Wall Street Journal |access-date=2026-02-24}}</ref> ''USA Today'' reported on the prize as the final Nobel of the 2017 season.<ref>{{cite news |last= |first= |date=2017-10-09 |title=Economics prize, last of Nobels, awarded |url=https://www.usatoday.com/story/news/world/2017/10/09/economics-prize-last-nobels-awarded/745272001/ |work=USA Today |access-date=2026-02-24}}</ref> Reuters highlighted his "nudge" work and quoted him as saying, upon being informed of the prize, "I will try to spend it as irrationally as possible."<ref name="reuters" />
In 2018, Thaler was elected a member of the [[National Academy of Sciences]], an honor recognizing distinguished and continuing achievements in original research.<ref name="nobel" />


=== Other Honors ===
His alma mater, Case Western Reserve University, recognized his Nobel Prize as a point of institutional pride, highlighting his undergraduate education at the university.<ref name="case" />


Thaler served as president of the [[American Economic Association]] in 2015, one of the most prestigious leadership positions in the economics profession. In 2018, he was elected a member of the [[National Academy of Sciences]].<ref name="nber" /> He has been a research associate at the [[National Bureau of Economic Research]].<ref name="nber" />
Thaler has been a research associate at the [[National Bureau of Economic Research]] (NBER), further reflecting his prominence in the economics profession.<ref name="nber" />
 
Case Western Reserve University, Thaler's undergraduate alma mater, celebrated his Nobel Prize, with the university's news service highlighting his contributions to the field.<ref name="case" />
 
The ''Financial Times'' profiled Thaler's career and contributions to behavioral economics.<ref>{{cite news |last= |first= |date= |title=Richard Thaler profile |url=https://www.ft.com/content/49f68431-8675-3a0c-ab51-b90c230ed2ba |work=Financial Times |access-date=2026-02-24}}</ref>


== Legacy ==
== Legacy ==


Richard Thaler's contributions to economics have had far-reaching effects on both the academic discipline and public policy. Before Thaler and his collaborators began their work, behavioral considerations were largely absent from mainstream economic models. The standard assumption of the rational, self-interested, fully informed economic agent — often referred to as ''Homo economicus'' — dominated the field. Thaler's research demonstrated systematically that real human beings — whom he has called ''Homo sapiens'' to contrast with ''Homo economicus'' — make predictable errors in judgment and decision-making that have significant economic consequences.<ref name="persuasion" />
Richard Thaler's contributions to economics have fundamentally altered the discipline's understanding of human behavior. Before the rise of behavioral economics, the dominant paradigm in the field—particularly at institutions like the University of Chicago—held that economic agents are rational, self-interested, and capable of processing all available information to make optimal decisions. Thaler's research, building on the psychological insights of Kahneman and Tversky, demonstrated that this model systematically fails to account for how people actually behave.


The practical impact of Thaler's work is evident in policy applications around the world. The concept of nudging has been adopted by governments in numerous countries to address challenges ranging from retirement savings and organ donation to energy conservation and tax compliance. Automatic enrollment in employer-sponsored retirement plans — a policy Thaler championed based on his research into default options and inertia — has increased savings rates substantially in the United States and other countries.
The practical applications of Thaler's work have been extensive. The Save More Tomorrow program has helped millions of workers increase their retirement savings. Nudge theory has been adopted by governments on multiple continents as a tool for improving public policy outcomes in areas ranging from organ donation to energy conservation to tax compliance.<ref name="reuters" />


Within academia, Thaler's work helped transform behavioral economics from a marginal research program into a central area of economic inquiry. His "Anomalies" columns played a particular role in making behavioral insights accessible and legitimate within mainstream economics. A generation of economists has been trained in behavioral methods that were considered unorthodox when Thaler began his career.
Thaler's "Anomalies" column in the ''Journal of Economic Perspectives'' played a significant role in legitimizing behavioral economics within the broader economics profession. By systematically documenting deviations from rational-choice predictions in a leading academic journal, Thaler helped create a body of evidence that could not be easily dismissed by skeptics.<ref name="anomalies" />


Thaler's co-founding of Fuller & Thaler Asset Management demonstrated that behavioral insights could be applied in financial markets, contributing to the development of behavioral finance as a practical discipline alongside its academic foundations.
His work in behavioral finance, including the founding of Fuller & Thaler Asset Management, demonstrated that behavioral insights could be applied not only to academic research and public policy but also to investment management—suggesting that the biases Thaler identified are pervasive enough to create exploitable patterns in financial markets.<ref name="fullerthaler" />


As of 2025, Thaler continues to be active in research, writing, and public engagement, discussing the implications of behavioral economics for understanding contemporary economic issues, market behavior, and public policy.<ref name="wharton" /><ref name="persuasion" />
Through his popular books, media appearances, and public engagement, Thaler has also been instrumental in making economic research accessible to non-specialist audiences. His ability to communicate complex ideas in accessible language—and his willingness to use humor as a pedagogical tool—has contributed to broader public understanding of how cognitive biases shape everyday decisions. As he continues to write, teach, and engage with public discourse into the 2020s, Thaler remains an active and influential voice in both academic economics and public policy debates.<ref name="persuasion" /><ref name="stewart" />
 
== Selected Works ==
 
* ''The Winner's Curse: Paradoxes and Anomalies of Economic Life'' (1991; updated edition with Alex Imas, 2025)
* ''Nudge: Improving Decisions About Health, Wealth, and Happiness'' (with Cass Sunstein, 2008; revised edition 2021)
* ''Misbehaving: The Making of Behavioral Economics'' (2015)


== References ==
== References ==
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Latest revision as of 02:32, 25 February 2026


Richard Thaler
BornRichard H. Thaler
12 9, 1945
BirthplaceEast Orange, New Jersey, U.S.
NationalityAmerican
OccupationEconomist, academic
Known forBehavioral economics, behavioral finance, nudge theory
EducationUniversity of Rochester (MA, PhD)
Spouse(s)France Leclerc
Children3
AwardsNobel Memorial Prize in Economic Sciences (2017)
Website[[{{{1}}} {{{1}}}] Official site]

Richard H. Thaler (born September 12, 1945) is an American economist who holds the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics chair at the University of Chicago Booth School of Business. A central figure in the development of behavioral economics, Thaler's work has bridged the gap between traditional economic theory and the psychological realities of human decision-making, challenging the long-held assumption that individuals always act as perfectly rational agents. His research into phenomena such as mental accounting, the endowment effect, and present bias has reshaped how economists, policymakers, and businesses understand consumer behavior and market dynamics. In 2017, the Royal Swedish Academy of Sciences awarded Thaler the Nobel Memorial Prize in Economic Sciences, citing his contributions for having "built a bridge between the economic and psychological analyses of individual decision-making."[1] Over a career spanning more than four decades, Thaler has held faculty positions at the University of Rochester, Cornell University, and the University of Chicago. He served as president of the American Economic Association in 2015 and was elected a member of the National Academy of Sciences in 2018. His scholarship, public writing, and popular books—including Nudge (co-authored with Cass Sunstein)—have brought behavioral economics into mainstream public discourse and influenced government policy around the world.

Early Life

Richard H. Thaler was born on September 12, 1945, in East Orange, New Jersey, a suburban community in Essex County.[2] Details regarding his parents and upbringing remain limited in publicly available sources. From an early age, Thaler developed an interest in understanding how people make decisions, an intellectual curiosity that would eventually lead him to question fundamental assumptions in economic theory.

Thaler grew up during the postwar era in the northeastern United States, a period of significant economic expansion and growing cultural emphasis on consumer behavior. While the specific influences of his childhood on his later academic career are not extensively documented, his New Jersey roots placed him in proximity to major academic and financial centers, which may have contributed to his early exposure to economic thinking.

Education

Thaler received his undergraduate education at Case Western Reserve University, where he earned a Bachelor of Arts degree.[3] He then pursued graduate studies at the University of Rochester, where he obtained both a Master of Arts degree and a Doctor of Philosophy degree in economics.[4]

His doctoral dissertation, completed in 1974 under the supervision of economist Sherwin Rosen, was titled "The Value of Saving a Life: A Market Estimate."[5] The dissertation explored how economic markets implicitly assign value to human life, a topic that foreshadowed Thaler's later interest in how real-world economic behavior diverges from the predictions of standard rational-choice models. The University of Rochester's economics department at the time was firmly grounded in neoclassical economic theory, and Thaler's early exposure to rigorous rationalist models would serve as the intellectual foundation against which he would later develop his behavioral critiques.

Career

Early Academic Career and the Foundations of Behavioral Economics

After completing his doctorate, Thaler joined the faculty at the University of Rochester, where he began his academic career. During this period, he started to notice and catalog systematic ways in which human behavior deviated from the predictions of standard economic models. These observations would form the seeds of what became behavioral economics.[4]

Thaler's early work was influenced significantly by the research of psychologists Daniel Kahneman and Amos Tversky, whose groundbreaking studies on cognitive biases and heuristics demonstrated that human judgment systematically departs from the norms of rationality assumed in economic theory. Thaler recognized that the psychological findings of Kahneman and Tversky had profound implications for economics, and he began collaborating with them to apply these insights to economic problems.[1]

One of Thaler's most important early contributions was the concept of mental accounting, which describes how individuals categorize, evaluate, and keep track of financial activities in separate mental "accounts" rather than treating money as fungible, as standard economic theory assumes. For example, a person might treat a tax refund differently from regular income, spending it more freely, even though both are economically identical. This concept challenged the foundational economic assumption of rational utility maximization and provided a framework for understanding a wide range of consumer behaviors.[1]

Thaler also made significant contributions to understanding the endowment effect, the phenomenon whereby people tend to value objects they already own more highly than identical objects they do not own. Working with Kahneman and economist Jack Knetsch, Thaler demonstrated through a series of experiments that this effect was robust and widespread, further undermining the predictions of standard economic models regarding exchange and valuation.[1]

Cornell University

In 1978, Thaler moved to Cornell University, where he served on the faculty of the Samuel Curtis Johnson Graduate School of Management.[6] He remained at Cornell until 1995, a period during which he produced much of the foundational research that would define the field of behavioral economics.

During his time at Cornell, Thaler authored a series of influential columns titled "Anomalies" for the Journal of Economic Perspectives, in which he documented and analyzed economic phenomena that could not be easily explained by standard rational-choice models.[7] These columns covered topics ranging from the equity premium puzzle and the winner's curse to seasonal patterns in stock returns and the ultimatum game. The "Anomalies" series became required reading for economists interested in the boundaries of rational-choice theory and helped establish behavioral economics as a legitimate subfield within the discipline.

Thaler's 1991 book The Winner's Curse: Paradoxes and Anomalies of Economic Life collected and expanded upon many of these anomalies, presenting them to a broader audience. The book demonstrated how auction participants systematically overbid, how people are subject to the sunk cost fallacy, and how various market behaviors defy the predictions of classical economics. In 2025, Thaler and co-author Alex Imas published an updated edition of this work, revisiting and expanding upon the original themes in light of decades of subsequent research in behavioral economics.[8]

University of Chicago

In 1995, Thaler joined the faculty of the University of Chicago Booth School of Business, where he was appointed the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics.[9] This appointment was notable because the University of Chicago had long been the intellectual center of the Chicago school of economics, which emphasizes rational expectations, efficient markets, and minimal government intervention—principles that behavioral economics often challenges.

Thaler's presence at Chicago Booth created a productive intellectual tension. While colleagues such as Eugene Fama championed the efficient-market hypothesis, Thaler argued that markets are populated by humans who are subject to predictable biases and limitations. This juxtaposition made the University of Chicago a uniquely dynamic environment for the debate between traditional and behavioral approaches to economics.[10]

At Chicago, Thaler continued to develop his research on behavioral finance, which applies behavioral economic principles to financial markets. He co-founded the asset management firm Fuller & Thaler Asset Management, which uses behavioral finance insights to identify mispriced stocks, based on the premise that investors systematically overreact or underreact to new information.[11]

Nudge Theory and Public Policy

In 2008, Thaler co-authored Nudge: Improving Decisions About Health, Wealth, and Happiness with legal scholar Cass Sunstein. The book introduced the concept of nudge theory to a popular audience, arguing that institutions can design "choice architectures" that guide people toward better decisions without restricting their freedom of choice—an approach the authors termed "libertarian paternalism."[12]

Nudge proposed that small changes in how options are presented—such as making enrollment in retirement savings plans the default option rather than requiring employees to opt in—can have significant effects on behavior. The book argued that these "nudges" could be applied across domains including healthcare, environmental policy, and consumer protection to improve outcomes while preserving individual autonomy.

The influence of Nudge extended well beyond academia. In 2010, the United Kingdom established the Behavioural Insights Team (commonly known as the "Nudge Unit") within the Cabinet Office, directly inspired by the book's ideas. Similar behavioral policy units were subsequently established in governments around the world, including the United States, where the Obama administration created the Social and Behavioral Sciences Team in 2015.[13]

Research on Self-Control and Fairness

A significant portion of Thaler's research has focused on the problem of self-control in economic decision-making. Standard economic models assume that individuals have consistent preferences over time and can execute long-term plans without difficulty. Thaler's work demonstrated that people frequently struggle with self-control, preferring immediate gratification over larger future rewards—a phenomenon known as present bias or hyperbolic discounting.[1]

Thaler and his collaborator Shlomo Benartzi developed the "Save More Tomorrow" (SMarT) program, which applied behavioral insights to address the problem of inadequate retirement savings. The program asked employees to commit in advance to allocating a portion of future salary increases toward retirement savings. By leveraging inertia and loss aversion—people are reluctant to see their take-home pay decrease—the program significantly increased savings rates among participants. The SMarT program has been adopted by numerous employers and is considered one of the most successful practical applications of behavioral economics.[13]

Thaler also contributed research on fairness as an economic concept. Working with Kahneman and Knetsch, he studied how perceptions of fairness influence market behavior, demonstrating that consumers and businesses often act according to fairness norms even when doing so contradicts profit maximization. For instance, their research showed that people view price increases during emergencies as unfair and may punish firms perceived as gouging, even at personal cost.[1]

Popular Media and Public Engagement

Thaler has maintained an active public profile beyond his academic work. He made a notable cameo appearance in the 2015 film The Big Short, in which he appeared alongside pop star Selena Gomez in a scene explaining the concept of the "hot hand fallacy" and synthetic collateralized debt obligations at a Las Vegas blackjack table.[14]

Thaler has also been a frequent commentator in media on economic topics related to behavioral science. In 2025, he appeared on The Weekly Show with Jon Stewart to discuss the irrational aspects of economic behavior and the implications of behavioral economics for understanding markets and public policy.[15] In a December 2025 conversation with Yascha Mounk on the Persuasion platform, Thaler discussed why people are "much more irrational than economists believe," elaborating on the persistent gap between economic models and actual human behavior.[16]

In October 2025, Thaler returned to Cornell University for a campus visit and public conversation about his career and research, an event that drew significant interest from students and faculty.[17]

He has also participated in academic discussions at the University of California, Berkeley, where he was interviewed by professors Ulrike Malmendier and Stefano DellaVigna about the updated edition of The Winner's Curse.[18]

Personal Life

Richard Thaler is married to France Leclerc and has three children.[4] He resides in the Chicago area, where he has been based since joining the University of Chicago faculty in 1995. Beyond his academic and professional work, publicly documented details about Thaler's personal life are limited.

When asked by a reporter what he planned to do with the Nobel Prize money (approximately 9 million Swedish kronor, or about $1.1 million at the time), Thaler responded that he would "try to spend it as irrationally as possible," a quip that reflected his career-long interest in the gap between rational economic theory and actual human behavior.[19]

Recognition

Thaler's most prominent honor is the 2017 Nobel Memorial Prize in Economic Sciences, awarded by the Royal Swedish Academy of Sciences. The Academy's citation stated that Thaler's "contributions have built a bridge between the economic and psychological analyses of individual decision-making" and that his "empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics."[1] Major news outlets around the world covered the award extensively.[2][19][13][20]

In 2015, Thaler served as president of the American Economic Association, one of the most prominent professional organizations for economists, reflecting his standing within the discipline.[4]

In 2018, Thaler was elected a member of the National Academy of Sciences, an honor recognizing distinguished and continuing achievements in original research.[1]

His alma mater, Case Western Reserve University, recognized his Nobel Prize as a point of institutional pride, highlighting his undergraduate education at the university.[3]

Thaler has been a research associate at the National Bureau of Economic Research (NBER), further reflecting his prominence in the economics profession.[4]

Legacy

Richard Thaler's contributions to economics have fundamentally altered the discipline's understanding of human behavior. Before the rise of behavioral economics, the dominant paradigm in the field—particularly at institutions like the University of Chicago—held that economic agents are rational, self-interested, and capable of processing all available information to make optimal decisions. Thaler's research, building on the psychological insights of Kahneman and Tversky, demonstrated that this model systematically fails to account for how people actually behave.

The practical applications of Thaler's work have been extensive. The Save More Tomorrow program has helped millions of workers increase their retirement savings. Nudge theory has been adopted by governments on multiple continents as a tool for improving public policy outcomes in areas ranging from organ donation to energy conservation to tax compliance.[13]

Thaler's "Anomalies" column in the Journal of Economic Perspectives played a significant role in legitimizing behavioral economics within the broader economics profession. By systematically documenting deviations from rational-choice predictions in a leading academic journal, Thaler helped create a body of evidence that could not be easily dismissed by skeptics.[7]

His work in behavioral finance, including the founding of Fuller & Thaler Asset Management, demonstrated that behavioral insights could be applied not only to academic research and public policy but also to investment management—suggesting that the biases Thaler identified are pervasive enough to create exploitable patterns in financial markets.[11]

Through his popular books, media appearances, and public engagement, Thaler has also been instrumental in making economic research accessible to non-specialist audiences. His ability to communicate complex ideas in accessible language—and his willingness to use humor as a pedagogical tool—has contributed to broader public understanding of how cognitive biases shape everyday decisions. As he continues to write, teach, and engage with public discourse into the 2020s, Thaler remains an active and influential voice in both academic economics and public policy debates.[16][15]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 "The Prize in Economic Sciences 2017".Nobel Prize.https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/press.html.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 "Nobel in Economics Is Awarded to Richard Thaler".The New York Times.2017-10-09.https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 "Alumnus Richard H. Thaler earns Nobel Prize for work in behavioral economics".Case Western Reserve University.2017-10-09.http://thedaily.case.edu/alumnus-richard-h-thaler-earns-nobel-prize-work-behavioral-economics/.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "Richard Thaler – NBER".National Bureau of Economic Research.http://www.nber.org/vitae/vita507.htm.Retrieved 2026-02-24.
  5. ↑ "The Value of Saving a Life: A Market Estimate".ProQuest.https://www.proquest.com/docview/302758459/.Retrieved 2026-02-24.
  6. ↑ "Nobel laureate Richard Thaler delights in the human side of economics".Cornell Chronicle.2025-10-31.https://news.cornell.edu/stories/2025/10/nobel-laureate-richard-thaler-delights-human-side-economics.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 "Anomalies".University of Chicago Booth School of Business (archived).https://web.archive.org/web/20060829235306/http://faculty.chicagogsb.edu/richard.thaler/research/Anomalies.htm.Retrieved 2026-02-24.
  8. ↑ "Nobel Laureate Richard Thaler's New Take on the Classic 'Winner's Curse'".Knowledge at Wharton.https://knowledge.wharton.upenn.edu/article/nobel-laureate-richard-thalers-new-take-on-the-classic-winners-curse/.Retrieved 2026-02-24.
  9. ↑ "Richard H. Thaler – Faculty".University of Chicago Booth School of Business.http://www.chicagobooth.edu/faculty/bio.aspx?person_id=12825835520.Retrieved 2026-02-24.
  10. ↑ "Richard Thaler profile".Financial Times.https://www.ft.com/content/49f68431-8675-3a0c-ab51-b90c230ed2ba.Retrieved 2026-02-24.
  11. ↑ 11.0 11.1 "Fuller & Thaler Asset Management".Fuller & Thaler Asset Management.http://www.fullerthaler.com/.Retrieved 2026-02-24.
  12. ↑ "Nudges".Nudges.org.http://www.nudges.org/.Retrieved 2026-02-24.
  13. ↑ 13.0 13.1 13.2 13.3 "'We're all human': Nudge theorist Thaler wins economics Nobel".Reuters.2017-10-09.https://www.reuters.com/article/us-nobel-prize-economics/were-all-human-nudge-theorist-thaler-wins-economics-nobel-idUSKBN1CE0X5.Retrieved 2026-02-24.
  14. ↑ "The Big Short: Understanding Economics".Wired.2015-12.https://www.wired.com/2015/12/big-short-understanding-economics.Retrieved 2026-02-24.
  15. ↑ 15.0 15.1 "The Irrational Economy w/ Nobel Laureate Richard Thaler (Transcript)".The Singju Post.https://singjupost.com/the-irrational-economy-w-nobel-laureate-richard-thaler-transcript/.Retrieved 2026-02-24.
  16. ↑ 16.0 16.1 "Richard Thaler on Why People are Much More Irrational than Economists Believe".Persuasion.2025-12-06.https://www.persuasion.community/p/richard-thaler.Retrieved 2026-02-24.
  17. ↑ "Nobel-winning behavioral economist Richard Thaler to speak Oct. 17".Cornell Chronicle.2025-10-02.https://news.cornell.edu/stories/2025/10/nobel-winning-behavioral-economist-richard-thaler-speak-oct-17.Retrieved 2026-02-24.
  18. ↑ "The 'winner's curse' revisited: Nobelist Richard Thaler unpacks new book with leading UC Berkeley behavioral economists".UC Berkeley Newsroom.https://newsroom.haas.berkeley.edu/the-winners-curse-revisited-nobelist-richard-thaler-unpacks-new-book-with-leading-uc-berkeley-behavioral-economists/.Retrieved 2026-02-24.
  19. ↑ 19.0 19.1 "Nobel Prize in Economics Awarded to Richard H. Thaler".The Wall Street Journal.2017-10-09.https://www.wsj.com/articles/nobel-prize-in-economics-awarded-to-richard-h-thaler-1507543046.Retrieved 2026-02-24.
  20. ↑ "Economics prize, last of the Nobels, awarded".USA Today.2017-10-09.https://www.usatoday.com/story/news/world/2017/10/09/economics-prize-last-nobels-awarded/745272001/.Retrieved 2026-02-24.

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