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Richard H. Thaler: Integrating Economics with Psychology

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Abstract

Economists aim to develop models of human behavior and interactions in markets and other economic settings. But we humans behave in complex ways. Although we try to make rational decisions, we have limited cognitive abilities and limited willpower. While our decisions are often guided by self-interest, we also care about fairness and equity. Moreover cognitive abilities, self-control, and motivation can vary significantly across different individuals.

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  • Committee, Nobel Prize, 2017. "Richard H. Thaler: Integrating Economics with Psychology," Nobel Prize in Economics documents 2017-1, Nobel Prize Committee.
  • Handle: RePEc:ris:nobelp:2017_001
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    Keywords

    Behavioral economics;

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G40 - Financial Economics - - Behavioral Finance - - - General

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