Dr. Richard Thaler is a groundbreaking economist who revolutionized the field by integrating psychological insights into economic theory. He currently serves as the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business where he has taught since 1995. After earning his Bachelor of Arts from Case Western Reserve University in 1967, he completed his master's and doctorate in economics at the University of Rochester in 1970 and 1974 respectively under the supervision of Sherwin Rosen. Prior to his appointment at Chicago, Thaler established himself as a leading thinker during his sixteen-year tenure at Cornell University's Johnson School of Management where he founded the Center for Behavioral Economics and Decision Research in 1989.
Dr. Thaler's pioneering work challenged the traditional economic assumption of perfectly rational actors by demonstrating how real people make decisions based on cognitive limitations, emotional responses, and social influences. His research identified numerous behavioral anomalies including the endowment effect, mental accounting, and status quo bias which fundamentally reshaped economic theory and practice. The concepts he developed such as choice architecture and libertarian paternalism have been widely adopted in policy design, most notably through his influential book Nudge co-authored with Cass Sunstein in 2008. His insights have transformed fields ranging from finance to public policy, with behavioral economics now serving as a critical framework for understanding consumer behavior, market anomalies, and designing effective government interventions that respect individual freedom of choice.
Beyond his academic contributions, Dr. Thaler has been instrumental in establishing behavioral economics as a legitimate and essential field of study through his leadership roles and public engagement. He served as President of the American Economic Association in 2015 and was awarded the Nobel Prize in Economic Sciences in 2017 for his contributions to behavioral economics. His work continues to shape economic thinking worldwide, with numerous governments establishing nudge units based on his principles to improve policy outcomes in areas from retirement savings to public health. As both a prolific author and contributor to the New York Times Economic View column, Thaler remains actively engaged in translating complex economic concepts for broader audiences while continuing to advance the theoretical foundations of behavioral economics through his ongoing research at the University of Chicago.
