Richard H. Thaler

Richard H. Thaler is a Nobel Prize-winning Professor at the University of Chicago Booth School of Business, where he has served since 1995. His groundbreaking work in behavioral economics bridges psychology and economics, challenging traditional assumptions about rational decision-making.

• BA in Economics, Case Western Reserve University (1967)
• PhD in Economics, University of Rochester (1974)

Thaler's research focuses on behavioral economics, examining how psychological factors influence economic decisions. Key contributions include concepts like loss aversion, mental accounting, and nudge theory, which have shaped modern approaches to retirement savings, consumer behavior, and public policy.

His publications cluster around behavioral finance, policy design, and market efficiency. Emerging themes include leveraging default options to improve savings behavior and analyzing market anomalies through psychological lenses.

• Nobel Prize in Economic Sciences (2017)
• Member, National Academy of Sciences (2018)

Thaler's "Save More Tomorrow" (SMarT) program revolutionized retirement savings, inspiring the 2006 Pension Protection Act. His frameworks are used in over 51 countries for behavioral science initiatives, including the UK's "Nudge Unit" which tripled charity inclusion in wills and recovered £210 million in unpaid taxes.