Year: 2018
Type: article
Abstract: This paper provides an overview of Richard Thaler’s career and the contributions to behavioural economics that earned him the 2017 Nobel Memorial Prize in Economic Sciences. It focuses on his role in exposing and making sense of empirical anomalies in orthodox economics, his analysis of mental accounting, and his work with Cass Sunstein on the notion of libertarian paternalism and the ‘nudge’-based behavioural approach to economic policy. It then considers his contributions critically and explores how, unlike previous behavioural economics, Thaler succeeded in getting his new approach to behavioural economics accepted by mainstream economists.
Source: Review of Political Economy
Author: Peter E. Earl
Institution: The University of Queensland
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W2894900617