Richard Thaler
In 2017, Richard H. Thaler received the Prize in Economic Sciences in Memory of Alfred Nobel, a recognition that marked a career long dedicated to the study of economics.
Born on September 12, 1945, in East Orange, Thaler is a citizen of the United States who works as an economist writing in English. His education began at Newark Academy before he pursued further study at Case Western Reserve University and the University of Rochester. Over the course of his career, Thaler accumulated a substantial record of institutional recognition. He was named a Clarivate Citation Laureate, an designation awarded to researchers whose published work has been cited with exceptional frequency by peers in their field. He was also made a Fellow of the Econometric Society and a Fellow of the American Academy of Arts and Sciences, two memberships that reflect standing within the economics and broader scholarly communities. In addition to the Nobel prize in economics, he received the Global Economy Prize, further underscoring the range of formal acknowledgment his work has attracted.
The fellowship granted by the American Academy of Arts and Sciences places Thaler among a body of scholars elected by their peers across disciplines, while his status as a Clarivate Citation Laureate points to the measurable reach of his published contributions within the academic literature. Taken together, his receipt of the Nobel Prize in Economic Sciences, the Global Economy Prize, and his dual fellowship appointments represent a concrete record of recognition from multiple institutions across the international economics community.
Quotes by Richard Thaler
Richard Thaler's insights on:
Don't get trapped by looking at what the price was that you paid for some stock originally.
Countries all around the world, starting with the U.K., have started behavioural insight teams, often referred to as nudge units. And they seem to be doing lots of good.
A nudge is some feature of the environment that changes the behaviour of humans but would not change the behaviour of rational economic agents, what we call Econs.
'Fun money' is another thing that makes no sense to traditional economists. Because there's just money; there's no 'fun money.' It's all supposed to be the same.
The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine.
Claiming that Social Security benefits are safe may sound naive, but my view is actually quite cynical. I believe that as long as the elderly continue to vote in large numbers, no Congress will renege on promised payouts for those already eligible to receive benefits.
Social Security may be the most beloved of all the government's programs, partly because it requires so little thinking. You pay taxes while you work, then you and your spouse collect until you die.
When it comes to my health, I would rather my doctor base her decisions on science rather than what she, or some lawyer, thinks will stand up in court.
We should at least make sure that patients are given the opportunity to opt out of spending their final days in a hospital, hooked up to tubes and running up enormous bills.