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Understanding Richard Thaler's Nobel-winning work

Thaler of the University of Chicago has made the case that human decisions are shaped by social context, expectation and temptation

Jeanna Smialek | Bloomberg 

People act irrationally, a fact economists long ignored. Richard Thaler, winner of the 2017 Nobel prize in economics, has made a career of fixing that oversight. In research that’s typically quirky, often funny, infused with pop-culture and written for a lay audience, Thaler of the University of Chicago has made the case that human decisions are shaped by social context, expectation and temptation — not cold rationality. Here are some of his greatest hits, a body of work that on Monday lifted Thaler to the pinnacle of economics. Nudge (2008) Thaler ...

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First Published: Tue, October 10 2017. 00:00 IST
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