Thaler and other adherents of behavioural economics pointed out that workers saving for retirement can be their own worst enemies
Nobel winner Richard Thaler's formalisation of economic behaviour that is not rational in the traditional sense reframes economic questions in ways that can improve government policies
Mr Thaler made human behaviour central to economic theory
The economics prize was established in 1968 in memory of Alfred Nobel and is awarded by the Royal Swedish Academy of Sciences
Thaler of the University of Chicago has made the case that human decisions are shaped by social context, expectation and temptation