Richard H. Thaler

Richard H. Thaler is considered a pioneer in the fields of behavioural economics and finance.

Born in New Jersey, USA, on September 12th, 1945, Thaler received his bachelor's degree from Case Western Reserve University in 1967. He received his master's degree in 1970 from the University of Rochester and his PhD in economics in 1974.

Thaler first gained attention between 1987 and 1990 with a regular column, "Anomalies”, published in the Journal of Economic Perspectives. In his column he wrote of individual instances in which economic behavior seemed to violate traditional microeconomic theory.

Daniel Kahneman later cited his joint work with Thaler as a "major factor" in his receiving the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Commenting on the prize, he said, "The committee cited me 'for having integrated insights from psychological research into economic science'. Although I do not wish to renounce any credit for my contribution, I should say that in my view the work of integration was actually done mostly by Thaler and the group of young economists that quickly began to form around him."

Thaler has written a number of books intended for the lay reader on the subject of behavioral finance, including Quasi-rational Economics and The Winner's Curse, the latter of which contains many of his "Anomalies" columns revised and adapted for a popular audience. Thaler is an active voice in the global discussions underway on the subject of individual pension plans. Thaler and like-minded colleagues have been using behavioral findings to influence President Bush’s proposal for Social Security reform.

Thaler is an active voice in the global discussions underway on the subject of individual pension plans. Thaler and like-minded colleagues have been using behavioural findings to influence President Bush’s proposal for Social Security reform.

Thaler is currently Robert P. Gwinn Professor of Behavioral Science and Economics, and Director of the Center for Decision Research, Graduate School of Business, University of Chicago. He is also Research Associate, National Bureau of Economic Research (co-director with Robert Shiller of the Behavioral Economics Project, funded by the Russell Sage Foundation).

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