University of Chicago Professor Richard Thaler Wins Nobel Prize for Economics!
American & University of Chicago professor Richard Thaler won the Nobel Prize for Economics recently for challenging the idea that individuals make rational decisions about their futures and finances and helping to develop policies intended to nudge people toward altering their choices. Mr. Thaler states that his takeaway is “economic agents are humans and that economic models have to incorporate that”. The recent Wall Street Journal article reported that the 72-year-old economist said he would spend his cash award of 9 million Swedish kronor ($1.1 million) “as irrationally as possible.”
Mr. Thaler appeared as himself in “The Big Short,” the 2015 film about the housing bubble. He also wrote the 2008 book “Nudge’ which exhibited his reported sense of humor.