b. 1945
Richard H. Thaler (born 1945) is an American economist and Nobel laureate known as a founder of behavioral economics. He demonstrated that human economic behavior systematically deviates from classical rational-agent models, integrating psychological insights into economic theory. His work on nudge theory, mental accounting, and the endowment effect has reshaped public policy and institutional design worldwide.
Awarded the Nobel Memorial Prize in Economic Sciences (2017) for contributions to behavioral economics
Developed the concept of mental accounting, explaining how people categorize and evaluate economic outcomes
Co-authored 'Nudge' (2008) with Cass Sunstein, establishing libertarian paternalism as a policy framework
Formalized the endowment effect and loss aversion within economic theory
Co-developed the Save More Tomorrow (SMarT) program, improving retirement savings participation rates