is distinguished but not brilliant, which is par for the course.
The Royal Swedish Academy of Sciences' announcement of the prize explains that Thaler
"has incorporated psychologically realistic assumptions into analyses of economic decisionmaking.
Once you have reached this far in your calculations, Thaler
exhorts you to repeat all the steps, this time using for each plan the maximum out-of-pocket limit instead of the deductible.
I find it wonderful that the Nobel Foundation chose Thaler
Another behavioural economist, Robert J Shiller who was among the winners of the Nobel Prize in 2013, hailed Professor Thaler
who teaches at Chicago as 'one of the most creative spirits in modern economics.
talks a lot about what he calls "choice architecture"--the way the environment in which we make choices is designed--and a favorite example of this is a school cafeteria.
is considered a maverick for looking at economic and financial decision-making from the perspective of flawed, even illogical, humans.
, economists figured it was good enough to proceed as if people are rational, utility-maximising creatures.
9 -- The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 to Richard Thaler
of the University of Chicago the Nobel prize for economics on Monday.
US economist Richard Thaler
won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics, showing how human traits affect supposedly rational markets, the Royal Swedish Academy of Sciences said on Monday.
is a founding father and high prince in the newly recognized domain of behavioral economics.
When Richard Thaler
, today a distinguished professor in behavioral science and economics at the University of Chicago, was still in college and heard that renown psychologists Daniel Kahneman and Amos Tversky would be at Stanford for a year, he made his way out there to "stalk them," he told a Morningstar ETF conference luncheon crowd.