The Contribution of Thaler to Behavioural Economics

Gabor Neszveda

Financial and Economic Review, 2018, vol. 17, issue 1, 153-167

Abstract: Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his contribution to behavioural economics. The main purpose of behavioural economics is to build a bridge between economic thinking and the results of psychological research. Below, I present the fields where the work of Thaler stands out the most, such as limited rationality, lack of self-control and social preference. In addition, his findings also laid the foundations for behavioural finance. His unwavering, successful and high-standard research over more than forty years has laid the foundations for a number of new research directions, not only in sciences. The elaboration of the theory of libertarian paternalism, among others, is also associated with his name, which has substantially shaped many decision-makers and regulations over the past decade.

Keywords: behavioural economics; behavioural finance; limited rationality; social preference; lack of self-control; Nobel Memorial Prize (search for similar items in EconPapers)
JEL-codes: D03 D90 G02 G40 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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