Nobel Prize 2017: Richard Thaler & Behavioural Economics - The Man, The Ideas

Our tribute to the 2017 Nobel Prize Winner in Economic Sciences. Richard Thaler's contributions to understand the complexities of decision-making has virtually created a new field of study called Behavioural Economics. Humans as per Dr. Thaler are not always rational and their decisions are often driven by behavioural traits and information asymmetry of the real world. Richard Thaler is a vocal proponent of the Nudge Theory, which focuses on making small adjustments in the environment of people to drive their behaviour. He joins other great contributors to the study of human behaviour, including Daniel Kahneman, Amos Tversky and Gary Becker. Here we try to explain his basic theories of limited rationality, lack of self-control and social preferences. Hope you enjoy it.

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