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Nobel Prize in Economics – 2017: Richard Thaler’s Contribution

Author

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  • Ksenia Panidi

    (National Research University Higher School of Economics, Moscow, Russia)

Abstract

This paper considers Richard Thaler’s contribution into the exploration of economic behavior and its deviations from the predictions of the classical economic theory. The paper summarized the 2017 Nobel laureate in economics contribution in several areas: the study of mental accounting system, social preferences, endowment effect and the self-control problem. It also describes the effect that Thaler’s research had on the introduction of a new type of economic policy – the libertarian paternalism.

Suggested Citation

  • Ksenia Panidi, 2017. "Nobel Prize in Economics – 2017: Richard Thaler’s Contribution," HSE Economic Journal, National Research University Higher School of Economics, vol. 21(4), pages 702-720.
    • Handle: RePEc:hig:ecohse:2017:4:8
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    More about this item

    Keywords

    behavioral economics; mental accounting; fairness; endowment effect; self-control problem; libertarian paternalism; nudging;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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