Thaler's Nobel Prize in Economic Sciences

Richard Thaler received the Nobel Prize in Economic Sciences for his work on integrating psychological insights into economic theory, known as behavioral economics. He demonstrated how real people's behavior often deviates from traditional assumptions of rationality, influenced by biases, emotions, and heuristics. Thaler's research explains phenomena like why people save less than ideal, succumb to impulse buying, or stick with poor choices due to inertia. His work has significantly improved understanding of actual decision-making, leading to better policies and tools that help individuals make more informed financial and economic decisions.