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Richard H. Thaler (/ ˈ θ eɪ l ər /; [1] born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.
Thaler ties this to the effect on markets, which are otherwise expected to be efficient. Thaler uses the book to talk to readers about how behavioral economic analysis can help look at areas ranging from household finance, to TV shows, National Football League Drafts and emerging disruptive businesses like Uber, in a new light. [3]
The nudge concept was popularized in the 2008 book Nudge: Improving Decisions About Health, Wealth, and Happiness, by behavioral economist Richard Thaler and legal scholar Cass Sunstein, two American scholars at the University of Chicago. It has influenced British and American politicians.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, ... In 2008, Richard Thaler and Cass Sunstein's book Nudge: ...
Nudge: Improving Decisions about Health, Wealth, and Happiness is a book written by University of Chicago economist and Nobel laureate [1] Richard H. Thaler, and Harvard Law School professor Cass R. Sunstein, first published in 2008.
The concept of framing is adopted in prospect theory, which is commonly used by mental accounting theorists as the value function in their analysis (Richard Thaler Included [12]). In Prospect Theory, the value function is concave for gains (implying an aversion to risk ), indicating decreasing marginal utility with accumulation of gain.
Choice architecture has been implemented in several public and private policy domains. Variants of the Save More Tomorrow Plan (conceived by Richard Thaler and Shlomo Benartzi), which has individuals commit in advance to allocate a portion of future salary increases to savings, have been adopted by companies to increase employee retirement savings.
Studies in behavioral finance analyzed this pattern, observing that there is a tendency to avoid high-reward options in the market, as the risk of short-term loss potentially influences the broker. Acclaimed behavioral economists Benartzi and Thaler analyzed this concept, calling it the "equity premium puzzle [2]." This puzzle refers to the ...