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Monday, October 30, 2017

Nobel Prize in Economics Awarded to American Richard Thaler

David Gauthier-Villars in Stockholm and Ben Leubsdorf in Washington
The Wall Street Journal
Originally posted October 9, 2017

Here are two excerpts:

Mr. Thaler “has given us new insight into how human psychology shapes decision-making,” the academy said.

Asked to describe the takeaway from his research, Mr. Thaler told the academy and reporters: “The most important lesson is that economic agents are humans and that economic models have to incorporate that.”

(cut)

“I’ll try to spend it as irrationally as possible,” Mr. Thaler said.

The article is here.
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