Author: Richard H. Thaler
Richard H. Thaler is an American economist and professor known for his work in behavioral economics. He was born on September 12, 1945, in East Orange, New Jersey. Thaler received his bachelor's degree in economics from Case Western Reserve University and went on to earn his Ph.D. in economics from the University of Rochester. Thaler's research focuses on understanding how people make economic decisions, taking into account their cognitive biases and irrational behavior. He developed the concept of "mental accounting," which suggests that individuals categorize their money into different mental accounts, leading to inconsistent decision-making. Thaler has also explored the idea of "nudges," or small interventions that can encourage people to make better choices without restricting their freedom. In 2017, Richard Thaler was awarded the Nobel Prize in Economic Sciences for his contributions to behavioral economics. His groundbreaking work has had a significant impact on the field, challenging traditional economic theories that assume rationality and bringing psychology into economic analysis.