Richard Thaler

Awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2017 for his profound contributions to behavioral economics, Richard Thaler is a groundbreaking economist whose work has redefined the understanding of human economic decision-making. Thaler commenced his academic career as a professor at the University of Rochester in 1974. His early foundational research included a significant period at Stanford University from 1977 to 1978, where he collaborated with Daniel Kahneman and Amos Tversky. These collaborations established theoretical frameworks crucial for articulating economic anomalies, demonstrating how psychological insights are essential to understanding individual economic behavior and market outcomes.

Thaler also founded Fuller & Thaler Asset Management, where he has served as a Principal since 1999, applying behavioral economics to investment strategies. He additionally co-founded and served as co-director of the National Bureau of Economic Research Behavioral Economics Project from 1991 to 2015, and played a key role in the establishment of the British Government’s Behavioural Insights Team, known as the ‘nudge unit.’ In 2015, Thaler authored ‘Misbehaving: The Making of Behavioral Economics,’ offering an insider’s view into the field’s development, and made a cameo appearance in the Oscar-winning film ‘The Big Short,’ expanding the reach of behavioral economic concepts to a mainstream audience. His contributions were further recognized when he was elected a member of the National Academy of Sciences in 2018. Most recently, Thaler updated his pivotal work, ‘Nudge,’ with Cass Sunstein in 2021, ensuring its continued relevance and impact on contemporary policy and decision-making.