Richard Thaler
Early Life and Education
Richard H. Thaler was born on September 12, 1945, in East Orange, New Jersey. He attended Case Western Reserve University, where he received a bachelor's degree in economics in 1967. Thaler then pursued further studies at the University of Rochester, earning his master's degree in 1970 and his Ph.D. in 1974, both in economics.
Career
Thaler began his academic career as an assistant professor at the University of Rochester's Graduate School of Management in 1974. In 1978, he moved to the Cornell University's Johnson Graduate School of Management, where he was appointed as a full professor in 1982. Thaler joined the faculty of the University of Chicago's Booth School of Business in 1995, where he currently holds the position of Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics.
Contributions to Behavioral Economics
Thaler is widely recognized as a pioneer in the field of behavioral economics, a discipline that integrates insights from psychology into economic theory. His work has challenged traditional economic assumptions that individuals always act rationally and have perfect self-control. Instead, Thaler's research has shown that human behavior often deviates from these assumptions due to cognitive biases and limitations.
Thaler's seminal contributions to behavioral economics include the concepts of mental accounting, endowment effect, and social preferences. His research on "nudge" theory, which suggests that small changes in the way choices are presented can have significant impacts on decision-making, has had profound implications for public policy and business practices.
Awards and Honors
Thaler's groundbreaking work in behavioral economics has earned him numerous awards and honors. In 2015, he was elected to the National Academy of Sciences. The most prestigious recognition came in 2017 when Thaler was awarded the Nobel Prize in Economic Sciences for his contributions to behavioral economics.
Personal Life
Thaler is married to France Leclerc, a former marketing professor at the University of Chicago. They reside in Chicago, Illinois.