2017 Nobel in Economics (was) Awarded to Richard Thaler – The New York Times

By Binyamin Appelbaum
Oct. 9, 2017   193 comments
WASHINGTON — Richard H. Thaler, whose work has persuaded many economists to pay more attention to human behavior, and many governments to pay more attention to economics, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.

Professor Thaler is the rare economist to win a measure of fame before winning the prize. He is an author of a best-selling book, “Nudge,” about helping people to make better decisions. He also appeared in the 2015 film “The Big Short,” delivering what is surely one of the most widely viewed tutorials in the history of economics, on the causes of the 2008 financial crisis.

The Nobel committee, announcing the award in Stockholm, said that it was honoring Professor Thaler for his pioneering work in establishing that people are predictably irrational — that they consistently behave in ways that defy economic theory. People will refuse to pay more for an umbrella during a rainstorm; they will use the savings from lower gas prices to buy premium gasoline; they will offer to buy a coffee mug for $3 and refuse to sell it for $6.

The committee credited Professor Thaler, who teaches at the University of Chicago Booth School of Business, for moving economics toward a more realistic understanding of human behavior, and for using the resulting insights to improve public policies, notably a sweeping shift toward the automatic enrollment of employees in retirement savings programs.

via Nobel in Economics Is Awarded to Richard Thaler – The New York Times

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About David Lindsay Jr

David Lindsay is the author of "The Tay Son Rebellion, Historical Fiction of Eighteenth- Century Vietnam," that covers a bloody civil war from 1770 to 1802. It was published by Footmad and Cherry Blossom Press on September 11, 2017. Find more about it at TheTaySonRebellion.com, also known as, DavidLindsayJr.com.
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