Richard Thaler is a supporter of the “theory of impetus”, which explores how and why people do bad things
The Nobel prize in Economics was awarded to American Randchard Thaler for his contribution to the study of behavioral Economics, said the Nobel Committee.
In a statement, the Royal Swedish Academy says that in his works, Richard Tyler “combined Economics with psychology.”
Economists have traditionally proceeded from the assumption that economic agents or people act rationally. However, Richard Tyler, his work has introduced more realistic assumptions about human behavior, explained in the Academy.
The economist explored the implications of “bounded rationality, social choices and lack of self-control.”
“He showed how these human traits systematically influence people’s decisions and on market results” – explain to the Nobel Committee.
Richard Tyler ‘ 72, he lives in USA and teaches at the University of Chicago.