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Richard H. Thaler (1945–)

In: The Palgrave Companion to Chicago Economics

Author

Listed:
  • Alex Imas

    (The University of Chicago Booth School of Business)

Abstract

Richard H. Thaler is considered by many as responsible for the genesis of modern behavioural economics. His work highlighted violations of standard assumptions of economic theory and ultimately led to a monumental shift in economic analysis. Thaler showed that systematic deviations from the predictions of normative theory are not only prevalent but also have a significant impact on behaviour in a variety of market settings. His work has spawned multiple literatures in economics, marketing, and public policy, and launched the subfield of behavioural finance. This chapter attempts to capture his legacy by delineating his journey from graduate school to being awarded the 2017 Nobel Memorial Prize in Economic Science.

Suggested Citation

  • Alex Imas, 2022. "Richard H. Thaler (1945–)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Chicago Economics, chapter 38, pages 979-1004, Springer.
  • Handle: RePEc:spr:sprchp:978-3-031-01775-9_38
    DOI: 10.1007/978-3-031-01775-9_38
    as

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