Richard Thaler

Richard Thaler is an influential economist known for his work in behavioral economics, a field that combines insights from psychology and economics to understand how people make financial decisions. He introduced concepts like "nudge theory," which suggests that small changes in how choices are presented can significantly influence people's behavior. Thaler's research has shown that individuals often act irrationally, deviating from traditional economic theories that assume people always make rational choices. His contributions earned him the Nobel Prize in Economic Sciences in 2017, highlighting the importance of understanding human behavior in economic decision-making.