Information about Richard Thaler
Richard H. Thaler (b. September 12, 1945, in East Orange, NJ) is an economist perhaps best known as a theorist in behavioral finance and for his collaboration with Daniel Kahneman and others in further defining that field. He received his B.S. from Case Western Reserve University in 1967. At the University of Rochester, he received his M.S. in 1970 and his Ph.D. in Economics in 1974. He currently teaches at the University of Chicago Graduate School of Business, and is an associate at the National Bureau of Economic Research. He has previously taught at the MIT Sloan School of Management.
Thaler has also organized a series of behavioral finance seminars along with Robert Shiller, another behavioral finance expert at the Yale School of Management.
Thaler gained some attention in the field of economics for publishing a regular column in the Journal of Economic Perspectives from 1987 to 1990 titled "Anomalies", in which he documented individual instances of economic behavior that seemed to violate traditional microeconomic theory.
Kahneman later cited his joint work with Thaler as a "major factor" in his receiving the Nobel Prize in Economics, saying "The committee cited me 'for having integrated insights from psychological research into economic science ….'. Although I do not wish to renounce any credit for my contribution, I should say that in my view the work of integration was actually done mostly by Thaler and the group of young economists that quickly began to form around him." [1]
Thaler also is the founder of an asset management firm [2] that enables a select group of investors to capitalize on cognitive biases such as the endowment effect, loss aversion and status quo bias.
Thaler has also written a number of books intended for a lay reader on the subject of behavioral finance, including Quasi-rational Economics and The Winner's Curse, the latter of which contains many of his "Anomalies" columns revised and adapted for a popular audience.
In one of his most recent papers [3], together with three Dutch economists Thaler has analyzed the choices of contestants appearing in the popular TV game show Deal or No Deal and found support for behavioralists' claims of path-dependent risk attitudes.
Thaler has also organized a series of behavioral finance seminars along with Robert Shiller, another behavioral finance expert at the Yale School of Management.
Thaler gained some attention in the field of economics for publishing a regular column in the Journal of Economic Perspectives from 1987 to 1990 titled "Anomalies", in which he documented individual instances of economic behavior that seemed to violate traditional microeconomic theory.
Kahneman later cited his joint work with Thaler as a "major factor" in his receiving the Nobel Prize in Economics, saying "The committee cited me 'for having integrated insights from psychological research into economic science ….'. Although I do not wish to renounce any credit for my contribution, I should say that in my view the work of integration was actually done mostly by Thaler and the group of young economists that quickly began to form around him." [1]
Thaler also is the founder of an asset management firm [2] that enables a select group of investors to capitalize on cognitive biases such as the endowment effect, loss aversion and status quo bias.
Thaler has also written a number of books intended for a lay reader on the subject of behavioral finance, including Quasi-rational Economics and The Winner's Curse, the latter of which contains many of his "Anomalies" columns revised and adapted for a popular audience.
In one of his most recent papers [3], together with three Dutch economists Thaler has analyzed the choices of contestants appearing in the popular TV game show Deal or No Deal and found support for behavioralists' claims of path-dependent risk attitudes.
Notable contributions
External links
- Curriculum Vitae
- Home page at U Chicago
- Article: Exuberance is rational
- Article: Deal or No Deal
- Podcast featuring Thaler Thaler discusses libertarian paternalism on EconTalk.
September 12 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Behavioral finance and behavioral economics are closely related fields which apply scientific research on human and social cognitive and emotional biases to better understand economic decisions and how they affect market prices, returns and the allocation of resources.
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Daniel "Danny" Kahneman (born March 5, 1934 in Tel Aviv), is an Israeli-American psychologist and Nobel laureate, notable for his pioneering work on behavioral finance and hedonic psychology.
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Case Western Reserve University is a private research university located in Cleveland, Ohio, United States, with some residence halls on the south end of campus located in Cleveland Heights.
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University of Rochester (UR) is a private, coeducational and nonsectarian research university located in Rochester, New York. The university is one of 62 elected members of the Association of American Universities.
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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University of Chicago Graduate School of Business, also known as Chicago GSB, is one of the world’s leading business schools and the second oldest in the United States.
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The National Bureau of Economic Research (NBER) is a "private, nonprofit, nonpartisan research organization" dedicated to studying the science and empirics of economics, especially the American economy.
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The MIT Sloan School of Management is one of the five schools of the Massachusetts Institute of Technology, located in Cambridge, Massachusetts, USA. It is one of the world's leading business schools, conducting research and teaching in finance, entrepreneurship, marketing,
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Robert James "Bob" Shiller (born 1946) is an American economist, academic, and best-selling author. He has been a research associate of the National Bureau of Economic Research since 1980, was Vice President of the American Economic Association in 2005, and President of the Eastern
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The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers M.B.A. and Ph.D. degree programs.
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Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold.
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics.
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Deal or No Deal is the name of several closely related television game shows, the first of which (launching the format) was produced by Dutch producer Endemol.
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The endowment effect (also known as divestiture aversion) is a hypothesis that people value a good or service more once their property right to it has been established. In other words, people place a higher value on objects they own relative to objects they do not.
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The status quo bias is a cognitive bias for the status quo; in other words, people like things to stay relatively the same.
The finding has been observed in many fields, including political science and economics.
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The finding has been observed in many fields, including political science and economics.
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A concept first named by Richard Thaler (1980), mental accounting attempts to describe the process whereby people code, categorise and evaluate economic outcomes. Mental accounting theorists argue that people group their assets into a number of non-fungible mental accounts.
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EconTalk is a weekly podcast hosted by professor Russell Roberts at George Mason University. The talk consists of Roberts interviewing a guest--often a professional economist--while discussing topics in economics. Each episode lasts roughly an hour, but it varies widely.
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