2018/04/03 by Peter E. Earl · 1 citation
Decision Sciences · Economics, Econometrics and Finance · #Decision-Making and Behavioral Economics #Economic theories and models #Economic Theory and Institutions #Behavioural economics #Economics #Positive economics #Mainstream #Behavioral economics #Mainstream economics #Neoclassical economics #Paternalism #Mental accounting #Applied economics #Public economics #Sociology #Political science #Law #Microeconomics
paper · pdf · doi:10.1080/09538259.2018.1513236
openalex publication_date 2018/04/03 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/05
This paper provides an overview of Richard Thaler’s career and the contributions to behavioural economics that earned him the 2017 Nobel Memorial Prize in Economic Sciences. It focuses on his role in exposing and making sense of empirical anomalies in orthodox economics, his analysis of mental accounting, and his work with Cass Sunstein on the notion of libertarian paternalism and the ‘nudge’-based behavioural approach to economic policy. It then considers his contributions critically and explores how, unlike previous behavioural economics, Thaler succeeded in getting his new approach to behavioural economics accepted by mainstream economists.