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Authors : Richard H. Thaler
Format : PDF,Online Reader
List supported devices: iPhone / iPad,Android phones & tablets,Kindle Fire,Windows PCs,Mac,Sony Reader,Cool-er Reader,Nook,Kobo Reader,iRiver Story,Other e-readers with Adobe Digital Editions installed
Publisher : Princeton University Press
Long publication date: July 5, 2005
Short publication date: July 2005
Imprint : Princeton University Press
Publication date: 2005-07-05 00:00:00Z
Languages: English
Copyright year: 2005
Isbns: 9780691121741, 9781400829125
Category: Economics,Theory,Business,Investments & Securities

About author

Thaler's research focuses on how psychological biases and heuristics impact economic decision-making. In his work, he has made significant contributions to behavioral economics and finance, as well as the broader field of economics. One of Thaler's most notable contributions is the concept of nudging, a term coined with Cass R. Sunstein in their book Nudge: Improving Decisions About Health, Wealth, and Happiness. Nudges are subtle suggestions that influence people's choices without restricting their freedom of choice.

The concept has been applied in various fields such as health care, finance, and environmental policy to encourage positive behavior changes. Thaler also introduced the idea of a mental account, which refers to the way individuals mentally categorize and value different types of financial assets. He proposed that people are more likely to spend money from one account if it is designated for a specific purpose, as opposed to a general-purpose account. This concept has been used in the design of savings products and retirement plans to help individuals save more effectively. Thaler's research has also addressed issues related to behavioral finance, which is the study of how cognitive biases, emotions, and social factors impact financial decision-making.

In this area, Thaler has contributed significantly to our understanding of such phenomena as loss aversion, anchoring, and the endowment effect. He also explored the concept of bounded rationality, which posits that individuals have limited cognitive abilities and are therefore unable to process all relevant information when making decisions. This limits their ability to make fully rational decisions and often leads to systematic errors in judgment. Thaler's work on behavioral finance has been influential in the development of financial products and policies designed to reduce the impact of these biases on financial decision-making. Thaler's contributions to economics and finance have earned him numerous awards and recognitions.

He is a fellow of the American Academy of Arts and Sciences, the Econometric Society, the National Academy of Sciences, and the British Academy. In addition to his Nobel Prize in Economic Sciences, Thaler has received the BBVA Foundation Frontiers of Knowledge Award in the category of economics, finance, and management, and the John Bates Clark Medal for outstanding contributions to economic thought by a scientist under 40 years old. Thaler's work has had a significant impact on both academic research and practical applications in various fields. His insights into how psychological biases and heuristics impact decision-making have helped shape our understanding of human behavior and have been instrumental in the development of policies aimed at improving outcomes in areas such as health, finance, and the environment.

Best review

"In this comprehensive compilation, the author has gathered some of the most significant contributions to behavioral finance from the last ten years, providing a concise and engaging resource for postgraduate courses in the field."

— Jay R. Ritter, Cordell Professor of Finance, University of Florida