Richard H. Thaler (economist)

Richard H. Thaler is a renowned economist known for his work in behavioral economics, which studies how psychological factors influence economic decisions. Unlike traditional economics, which assumes people always make rational choices, Thaler highlights that humans often act predictably irrationally due to biases and emotions. His insights help explain real-world behaviors in markets, finance, and public policy. Thaler’s research has led to practical applications, like "nudging" people toward better choices. He received the Nobel Prize in Economic Sciences in 2017 for his contributions to understanding the ways human behavior impacts economic outcomes.