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, 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 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.
Richard Thaler’s economic theories are implemented by top companies
Winner of the 2017 Nobel Prize in Economic Sciences, RICHARD THALER is behind theories that have been successfully implemented by top companies and organizations worldwide. Awarded the Nobel Prize for his groundbreaking contributions to behavioral economics, Thaler’s findings have illuminated how human traits such as lack of self-control and social preference affect economic decision making as well as market outcomes, ultimately underscoring the previously-neglected human side of economics. His game-changing theories, such as “nudge theory”—which essentially demonstrates how by making slight changes in how options are presented, people can be nudged in a desired direction—have been quickly adopted, and with success, by top companies worldwide. As Quartz highlighted in a recent article, General Motors is implementing nudge theory to help retain female employees, and nudging has been utilized by policy-makers to prevent everything from simple traffic violations to curbing corruption worldwide. A recent Market Watch article, also noted that Thaler “is not only a famous economist and author, but is also part of a very successful fund,” and his economic theories offer tangible lessons about investing. Thaler has made headlines for running a fund that has nearly doubled the S&P, and advising another fund that outperformed 99% of its Bloomberg competitors. Thaler has been sought-out to unpack the implications behind behavioral economics at Google, The Aspen Institute, Carnegie Mellon, the London School of Economics and more. He offers tangible lessons on how to drive desired behavior and economic outcomes for organizations across industries.
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..
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.