Richard L. Thaler

Richard L. Thaler is an American economist known for his work in behavioral economics, which studies how psychological factors influence economic decision-making. He explores why people sometimes act against their best interests and how understanding these behaviors can improve economic policies and markets. Thaler's research integrates insights from psychology into economics, challenging traditional theories that assume people always make rational choices. His work has practical applications, such as designing better retirement plans and savings programs that account for human tendencies like procrastination and loss aversion. He was awarded the Nobel Prize in Economic Sciences in 2017 for his contributions.