Thaler (Richard Thaler)

Richard Thaler is a renowned economist celebrated for integrating psychology into economic decision-making, leading to the development of behavioral economics. His work explores how human biases and emotions influence financial choices, often deviating from traditional rational models. Thaler's insights have improved understanding of consumer behavior, saving habits, and market dynamics. He received the Nobel Prize in Economic Sciences in 2017 for his contributions, which have shaped policies like "nudging"—gentle prompts that encourage better decision-making without restricting choices. His research helps explain why people often make irrational choices and how recognizing these patterns can improve individual and societal outcomes.