Richard Thaler
Richard H. Thaler (b. September 12, 1945) 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 bachelor's degree from Case Western Reserve University in 1967. At the University of Rochester, he received his master's degree in 1970 and his Phd in economics in 1974. Currently he teaches at the University of Chicago Graduate School of Business, and is an associate at the National Bureau of Economic Research.
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 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 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 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.
Notable contributions
- Endowment effect
- Preference reversal
- Status quo bias