Education(, )Spouse(s)France LeclercChildren3Awards(2017)Scientific careerFields,Institutions(1974–1978)(1978–1995)(1995–present)The Value of Saving a Life: A Market Estimate (1974)InfluencesInfluencedRichard H. Thaler (; born September 12, 1945) is an American and the Distinguished Service Professor of Behavioral Science and Economics at the. In 2015, Thaler was president of the.Thaler is a theorist in and has collaborated with, and others on multiple occasions in further defining that field. In 2018, he was elected a member in the.In 2017, he was awarded the for his contributions to. In its Nobel prize announcement, the stated that his 'contributions have built a bridge between the economic and psychological analyses of individual.
His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics.' Contents.Personal life Thaler was born in to a Jewish family. His mother, Roslyn (Melnikoff, 1921–2008), was a teacher, and later a real estate agent while his father, Alan Maurice Thaler (1917–2004), was an actuary at the in, and was born in.
He grew up with two younger brothers. His great-great grandfather, Selig Thaler (1831–1903) was from,. He has three children from his first marriage and is now married to France Leclerc, a former marketing professor at the University of Chicago and avid photographer. Part of a series on.Education Thaler graduated from, before going on to receive his degree in 1967 from, and his in 1970 and degree in 1974 from the, writing his thesis on 'The Value of Saving A Life: A Market Estimate' under the supervision of. Thaler during Nobel Prize press conference in Stockholm, December 2017Thaler was the 2017 recipient of the for 'incorporating psychologically realistic assumptions into analyses of economic decision-making.
By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes.' Immediately following the announcement of the 2017 prize, Professor, Member of the Economic Sciences Prize Committee, said in an interview that Thaler had 'made economics more human'.After learning that he had won the Nobel Prize, Thaler said that his most important contribution to economics 'was the recognition that economic agents are human, and that economic models have to incorporate that.' In a nod to the sometimes-unreasonable behavior he has studied so extensively, he also joked that he intended to spend the prize money 'as irrationally as possible.' , the 2008 winner of the, 'Yes! Is the best thing to happen to the field in generations, and Thaler showed the way.' However, Thaler's selection was not met with universal acclaim; (one of the 2013 laureates) noted that some economists still view Thaler's incorporation of a psychological perspective within an economics framework as a dubious proposition. In addition, an article in simultaneously praised Thaler and his fellow behavioral colleagues while bemoaning the practical difficulties that have resulted from causing 'economists as a whole to back away a bit from grand theorising, and to focus more on empirical work and specific policy questions.'
In chronicling Thaler's path to Nobel laureate, John Cassidy notes that although Thaler's 'nudge' theory may not overcome every shortcoming of traditional economics, it has at least grappled with them 'in ways that have yielded important insights in areas ranging from finance to international development'. Other honors and awards In addition to earning the Nobel Memorial Prize in Economic Sciences, Thaler holds many other honors and awards. He is a member of the National Academy of Science, the American Academy of Arts and Sciences, a Fellow of the American Finance Association, and more. Behavioral finance and other applications in policy Thaler also is the founder of an firm, Fuller & Thaler Asset Management, which believes that investors will capitalize on such as the,. Since 1999, he has been the Principal of the said firm, which he co-founded in 1993. Russell Fuller, in charge of the firm's daily operations, said Thaler has changed the economics profession in that 'he doesn't write papers that are full of math.
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He writes papers that are full of common sense.' Since 1991, Thaler has also served as the co-director of the Behavioral Economics Project.Thaler was also involved in the establishment of the, which was originally part of the 's but is now a.Thaler made a cameo appearance as himself in the 2015 movie, which was about the and collapse that led to the. During one of the film's expository scenes, he helped explain the ',' in which people believe that whatever is happening now will continue to happen in the future. Publications Books. Thaler, Richard H. The Winner's Curse: Paradoxes and Anomalies of Economic Life. Princeton: Princeton University Press.
Thaler, Richard H. Advances in Behavioral Finance. New York: Russell Sage Foundation. Thaler, Richard H. Quasi Rational Economics.
New York: Russell Sage Foundation. Thaler, Richard H. Advances in Behavioral Finance, Volume II (Roundtable Series in Behavioral Economics). Princeton: Princeton University Press. Thaler, Richard H., and Cass Sunstein.
2009 (updated edition). New York: Penguin. Thaler, Richard H. New York:.Published papers Thaler has published over 90 papers in various sources, namely finance, business, and economic journals. Some of his most cited and influential papers are listed below.
Kahneman, D., Knetsch, J.L. And Thaler, R.H., 1991.
Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias. Journal of Economic Perspectives, 5(1), pp.193-206. Benartzi, S. And Thaler, R.H., 1995. Myopic Loss Aversion and the Equity Premium Puzzle. The Quarterly Journal of Economics, 110(1), pp.73-92.
Thaler, R., 1980. Toward a Positive Theory of Consumer Choice. Journal of Economic Behavior & Organization, 1(1), pp.39-60. Kahneman, D., Knetsch, J.L. And Thaler, R.H., 1990. Experimental Tests of the Endowment Effect and the Coase Theorem.
Journal of Political Economy, 98(6), pp.1325-1348. De Bondt, W.F. And Thaler, R., 1985. Does the Stock Market Overreact? The Journal of Finance, 40(3), pp.793-805. Barberis, N.
And Thaler, R., 2003. A Survey of Behavioral Finance. Handbook of the Economics of Finance, 1, pp.1053-1128.
Thaler, R., 1985. Mental Accounting and Consumer Choice. Marketing Science, 4(3), pp.199-214.References.
Talks at Google (2015-06-03), retrieved 2018-11-19. Retrieved 2017-11-05.
Appelbaum, Binyamin (October 9, 2017). Retrieved October 11, 2017. Gauthier-Villars, David (October 9, 2017). Retrieved October 11, 2017. Keyton, David; Heintz, Jim (October 9, 2017).
Retrieved October 11, 2017. Tetlow, Gemma (October 9, 2017). Retrieved October 11, 2017. Pollard, Niklas; Ringstrom, Anna (October 9, 2017). Retrieved October 11, 2017. Carrasco-Villanueva, Marco (2017-10-18).
Lucidez (in Spanish). Retrieved 2018-10-31. The Jerusalem Post. 1 October 2008. Retrieved October 11, 2017. The Arizona Republic.
Retrieved October 11, 2017. The Arizona Republic. Retrieved October 11, 2017. France leclerc.
Retrieved 2018-02-28. Harford, Tim (August 2, 2019). Financial Times. Retrieved August 3, 2019.
Karp, Gregory (April 30, 2012). Retrieved October 11, 2017. No. Spring 2016. Newark Academy. June 2, 2016.
Retrieved October 11, 2017. Cite magazine requires magazine=. October 9, 2017.
Retrieved October 11, 2017. (PDF). Booth School of Business CV. Retrieved October 11, 2017.
Retrieved 2018-02-28. Retrieved 2018-02-28. (2012). P. 123.
Thaler, Richard H.; Sunstein, Cass R. (April 2, 2008). Retrieved October 11, 2017.
Retrieved November 12, 2019. Thaler, Richard; Sunstein, Cass. Nudge: Improving Decisions on Health, Wealth, and Happiness. Yale University Press. Knee, Jonathon A. (May 5, 2015). The New York Times.
Retrieved October 11, 2017. Archived from the original on August 29, 2006. Retrieved April 26, 2008. CS1 maint: unfit url. Thaler, Richard (1988). 'The Winners Curse'.
Journal of Economic Perspectives. 2 (1): 191–202. Thaler, Richard (1988). 'The Ultimatum Game'. Journal of Economic Perspectives. 2 (4): 195–206. Kahneman, Daniel; Knetsch, Jack; Thaler, Richard (1991).
'The Endowment Effect, Loss Aversion, and Status Quo Bias'. Journal of Economic Perspectives. 5 (1): 193–206.
Post, Thierry; van den Assem, Martijn J.; Baltussen, Guido; Thaler, Richard H. (March 2008). American Economic Review. 98 (1): 38–71. van den Assem, Martijn J.; van Dolder, Dennie; Thaler, Richard H. (January 2012). Management Science.
58 (1): 2–20. van Dolder, Dennie; van den Assem, Martijn J.; Camerer, Colin; Thaler, Richard H. American Economic Review.
105 (5): 402–407. Thayer, Richard (February 28, 2010). Taipei Times. Retrieved October 11, 2017. (Press release). Royal Swedish Academy of Sciences.
October 9, 2017. Retrieved 2018-02-28. Isaac, Anna (October 9, 2017). Retrieved October 11, 2017.
Partington, Richard (October 9, 2017). The Guardian. London. Long, Heather (October 9, 2017). The Washington Post.
Retrieved October 12, 2017. Shiller, Robert (October 11, 2017). The Guardian. The Economist. October 11, 2017. Cassidy, John (2017-10-10). The New Yorker.
Retrieved 2018-02-28. (PDF). Retrieved November 12, 2019. Fuller & Thaler Asset Management. Retrieved October 11, 2017. Fuller & Thaler Asset Management. Retrieved October 11, 2017.
Fuller & Thaler Asset Management, Inc. The Behavioral Edge ®. Retrieved 2018-02-28. Retrieved 2018-02-28. Retrieved 2018-02-28. (10 October 2017).
Guardian News and Media Limited. Retrieved 11 October 2017.
Thaler was instrumental in the creation of the UK's Behavioural Insights Team (BIT), originally a No 10 unit, back in 2010. Watercutter, Angela (December 11, 2015). Retrieved October 10, 2017. Richard Thaler, Selena Gomez (2015). (film scene via YouTube).
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