Richard Thaler

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  • Winner of the 2017 Nobel Prize in Economic Sciences
  • Professor of Behavioral Science & Economics, University of Chicago Graduate School of Business
  • Field-Defining Pioneer of Behavioral Economics
  • Co-author of Bestseller Nudge; Author of Misbehaving

Nobel Prize-Winner Richard H. Thaler studies behavioral economics and finance as well as the psychology of decision-making which lies in the gap between economics and psychology. He investigates the implications of relaxing the standard economic assumption that everyone in the economy is rational and selfish, instead entertaining the possibility that some of the agents in the economy are sometimes human.

Thaler is the co-author (with Cass R. Sunstein) of the global best seller Nudge (2008) in which the concepts of behavioral economics are used to tackle many of society’s major problems. In 2015 he published Misbehaving: The Making of Behavioral Economics. He has also published numerous articles in prominent journals such as the American Economics Review, the Journal of Finance, the Journal of Political Economy, and is a regular contributor to the New York Times Economic View column. In 2018, he was elected to the National Academy of Sciences. 

Thaler is a Founding Principal at Fuller and Thaler Asset Management where they manage about $10 billion in U.S. equities.  He was an informal advisor to the coalition government led by David Cameron, the Obama administration, and several professional sports teams.  

 

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If I had to be trapped in an elevator with any contemporary intellectual, I’d pick Richard Thaler.

A Sample of the Groups That Have Hosted Richard Thaler
  • The University of Chicago
  • The Aspen Institute
  • London School of Economics
  • The Nobel Prize, Stockholm
  • The British Academy
  • Talks at Google
Nobel Banquet speech for Prize in Economic Sciences 2017 | Nobel Prize [8:05] - Get Sharable Link
Nobel Banquet speech for Prize in Economic Sciences 2017 | Nobel Prize [8:05]
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UChicago Nobel Prize news conference for Richard Thaler, 10.9.2017 | U. of Chicago [26:22]
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Nudge and Beyond: Behavioural Science, Policy and Knowing What Works | British Academy [33:31]
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Misbehaving: The Making of Behavioral Economics | Talks at Google [55:38]
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Improving Decisions about Health, Wealth, and Happiness

Nudge is about choices - how we make them and how we can make better ones. Drawing on decades of research in the fields of behavioral science and economics, Richard Thaler offers a new perspective on preventing the countless mistakes we make -bad personal investments, consumption of unhealthy foods, ...

Nudge is about choices - how we make them and how we can make better ones. Drawing on decades of research in the fields of behavioral science and economics, Richard Thaler offers a new perspective on preventing the countless mistakes we make -bad personal investments, consumption of unhealthy foods, neglect of our natural resources- and shows us how sensible "choice architecture" can successfully nudge people toward the best decisions.

Paradoxes and Anomalies of Economic Life

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why most shoppers will save on one appliance only to pass up ...

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why most shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400.

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<p>Richard Thaler in the news</p>

Richard Thaler in the news

Recipient of the Nobel Memorial Prize in Economic Sciences in 2017, RICHARD THALER is sought after for his insights and commentary on the economy and how we behave in it.

4.24.2018  Richard Thaler Says Round Numbers on Yields Means Nothing | Bloomberg

10.23.2017  Predictably Unpredictable: Why We Don't Act Like We Should  |  NPR Hidden Brain

10.10.2017  Richard Thaler And The 'Human Factor' In Economics  |  Forbes

10.9.2017  Nobel in Economics Is Awarded to Richard Thaler  |  New York Times

10.9.2017  Economics Nobel winner Thaler shed light on how real people behave | PBS News Hour

<p>Richard Thaler’s economic theories are implemented by top companies </p>

Richard Thaler’s economic theories are implemented by top companies 

Nobel Prize-winner RICHARD THALER is a field-defining pioneer of Behavioral Economics, a field that explores the intersection of economics, finance and psychology. Co-author of the global bestseller Nudge, as well as Misbehaving, Thaler reveals how human traits such as limited cognitive abilities, lack of self-control, and pro-social preference affect economic decision-making as well as market outcomes, ultimately underscoring the human side of economics and its fascinating implications for investors, marketers, policy-makers and consumers. Thaler's game-changing theories have been behind some of the most effective market strategies and revolutionary government and business policies. As a McKinsey article succinctly stated: "Richard Thaler is the rare academic whose ideas are being translated directly into action." Thaler was fundamental in popularizing nudge theory and inspiring key policy reforms including automatic enrollment in 401(k) retirement plans, and the notion of automatic escalation to boost how much workers save. An advisor to David Cameron, Thaler also helped set up and run the Behavioural Insights Team (also known as the "Nudge Unit"), the world's first government institution dedicated to the application of behavioral sciences, which helps the UK government make public services more cost-effective and efficient. The unit was so successful, there are now nearly 200 similar units around the worldAnd as Quartz highlighted in a recent article, General Motors is implementing nudge theory to help retain female employees. Thaler has even worked with National Football League teams on their strategy in their annual draft. Beyond groundbreaking policies and business strategies, Thaler has made headlines as a Founding Principal at Fuller & Thaler Asset Management, which runs and sub-advises funds that consistently outperform the S&P and Bloomberg competitors. As Forbes said, "More than an academic, Chicago prof. Richard Thaler turns research into market-beating returns." Thaler has been sought-out to unpack the lessons of behavioral economics at Google, The Aspen Institute, Carnegie Mellon, the London School of Economics and more. His keynotes reveal groundbreaking takeaways on how to drive desired behaviors and economic outcomes and provide engaging lessons on life (and its many anomalies) in and beyond the field of economics. 

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Biography

Richard H. Thaler is the 2017 recipient of the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics. Thaler studies behavioral economics and finance as well as the psychology of decision-making which lies in the gap between economics and psychology. He investigates the implications of relaxing the standard economic assumption that everyone in the economy is rational and selfish, instead entertaining the possibility that some of the agents in the economy are sometimes human.

Thaler is the co-author (with Cass R. Sunstein) of the global best seller Nudge (2008) in which the concepts of behavioral economics are used to tackle many of society’s major problems. In 2015 he published Misbehaving: The Making of Behavioral Economics. He has authored or edited four other books: Quasi-Rational Economics, The Winner's Curse: Paradoxes and Anomalies of Economic Life, and Advances in Behavioral Finance (editor) Volumes I and II. He has published numerous articles in prominent journals such as the American Economics Review, the Journal of Finance, the Journal of Political Economy, and is a regular contributor to the New York Times Economic View column. In 2018. he was elected to the National Academy of Sciences. 

Thaler is a member of the American Academy of Arts and Sciences, a Fellow of the American Finance Association and the Econometrics Society, and in 2015 served as the President of the American Economic Association.

Before joining the University of Chicago faculty in 1995 Thaler taught at the University of Rochester and Cornell as well as visiting stints at The University of British Columbia, the Sloan School of Management at MIT, the Russell Sage Foundation and the Center for Advanced Study in Behavioral Sciences at Stanford.

Thaler is a Founding Principal at Fuller and Thaler Asset Management where they manage about $10 billion in U.S. equities.  He was an informal advisor to the coalition government led by David Cameron, the Obama administration, and currently for several professional sports teams.  

Originally from New Jersey, Thaler attended Case Western Reserve University where he received a bachelor's degree in 1967. Soon after, he attended the University of Rochester where he received a master's degree in 1970 and a PhD in 1974. He joined the Chicago Booth faculty in 1995.