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Richard H. Thaler: Integrating Economics with Psychology

Nobel Prize Committee
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No 2017-1, Nobel Prize in Economics documents from Nobel Prize Committee

Abstract: Economists aim to develop models of human behavior and interactions in markets and other economic settings. But we humans behave in complex ways. Although we try to make rational decisions, we have limited cognitive abilities and limited willpower. While our decisions are often guided by self-interest, we also care about fairness and equity. Moreover cognitive abilities, self-control, and motivation can vary significantly across different individuals.

Keywords: Behavioral economics (search for similar items in EconPapers)
JEL-codes: D03 D90 G02 G40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-exp, nep-hme, nep-hpe, nep-hrm, nep-ltv, nep-mic, nep-neu and nep-ore
Date: 2017-10-09
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