Must-Read: Royal Swedish Academy of Sciences: The Prize in Economic Sciences 2017: Richard Thaler

October 9, 2017
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Must-Read: Royal Swedish Academy of Sciences: The Prize in Economic Sciences 2017: “Richard H. Thaler… ‘for his contributions to behavioural economics’…

…Richard H. Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes…. In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making. His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy…

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