Economics Nobel nudges behavioral economist into the limelight
Richard Thaler is heralded for his work on the psychology of money decisions
By Bruce Bower
A founding father of behavioral economics — a research school that has popularized the practice of “nudging” people into making decisions that authorities deem to be in their best interests — has won the 2017 Nobel Memorial Prize in Economic Sciences.
Richard Thaler, of the University of Chicago Booth School of Business, received the award October 9 for being the leader of a discipline that has championed the idea of humans not as purely rational and selfish — as long posited by economists. Instead, he argues, we are driven by simple, often emotionally fueled assumptions that can lead us astray.