Richard Thaler (Economist)

Richard Thaler is an influential American economist known for his work in behavioral economics, which studies how psychological factors affect economic decisions. He introduced concepts like "nudge theory," which suggests that subtle changes in how choices are presented can significantly influence people's behaviors. Thaler's research demonstrates that people often act irrationally, deviating from traditional economic theories that assume rational decision-making. He co-authored the book "Nudge," advocating for ways to design policies that encourage better choices in finance, health, and other areas without restricting freedom. In 2017, he received the Nobel Prize in Economic Sciences for his contributions to the field.