Richard H. Thaler (1945–)

Alex Imas ()
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Alex Imas: The University of Chicago Booth School of Business

Chapter 38 in The Palgrave Companion to Chicago Economics, 2022, pp 979-1004 from Springer

Abstract: Abstract Richard H. Thaler is considered by many as responsible for the genesis of modern behavioural economics. His work highlighted violations of standard assumptions of economic theory and ultimately led to a monumental shift in economic analysis. Thaler showed that systematic deviations from the predictions of normative theory are not only prevalent but also have a significant impact on behaviour in a variety of market settings. His work has spawned multiple literatures in economics, marketing, and public policy, and launched the subfield of behavioural finance. This chapter attempts to capture his legacy by delineating his journey from graduate school to being awarded the 2017 Nobel Memorial Prize in Economic Science.

Keywords: Richard Thaler; Behavioural economics; Mental accounting; Behavioural finance; Nudge; Prospect theory (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-031-01775-9_38

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