Thaler's 2015 Nobel Prize in Economic Sciences

Richard Thaler was awarded the 2015 Nobel Prize in Economic Sciences for his work in behavioral economics, which examines how psychological factors influence financial decisions. His research showed that people often act in ways that deviate from traditional economic theory, such as procrastinating, overweighing immediate rewards, or making inconsistent choices. Thaler's insights helped explain real-world behaviors like saving less for retirement or spending more than intended. His work has improved our understanding of economic decision-making, leading to better policies and strategies that account for human behavior’s complexities.