A Survey on the Work of Richard H. Thaler——Nobel Prize Winner in Economic Sciences in 2017

Abstract

Abstract:

The Royal Swedish Academy of Sciences decided to award the Prize in Economic Sciences in Memory of Alfred Nobel for 2017 to American economist Richard H. Thaler for his distinguished contribution to Behavioral Economics. Richard Thaler incorporated psychological regularity into economic analysis, and justified that psychological factors are fundamentally important in the decision process. His extensive theoretic, empirical and experimental studies reveal that personal characteristics ignored in the traditional analysis have significant economic consequences in various contexts, and because of his pioneering attempt, behavioral economics was quickly accepted by mainstream economists. His work yields profound insights into microeconomics, macroeconomics, and public policymaking. In this paper, we briefly summarize the academic contribution of Richard Thaler, and discuss some related research directions worthy of attention.

Key words: the prize in economic sciences in memory of Alfred Nobel, behavioral economics, limited rationality, psychological regularity

Zhao Lin. A Survey on the Work of Richard H. Thaler——Nobel Prize Winner in Economic Sciences in 2017[J]. , 2017, 29(10): 3-8.

References

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