Second, Thaler studied how so-called social preference affects the economy. For example, after a hurricane, gasoline may be scarce, and the classic economy predicts that gas stations should dramatically increase their prices in response. But it would violate people's sense of justice, and this psychological effect explains why prices remain relatively stable even in response to such emergencies.
Third, Thaler investigated people's struggle with self-control. For example, workers may decide to save more for retirement, only to discover that they can't ever manage to run even a small monthly amount. Borrowing the concept from behavioral psychology and neuroscience, Thaler and his colleagues explained this as an obvious contradiction by developing a «planner»model. According to the model, each of us as an economic agent is torn between the part of us that plans the future, and the part that operates at the moment. Thus, the desire of the planner to save 10% of each salary can be constantly overshadowed by the need to make snow tires for the buyer or to install the upper toilet. This dichotomy can even be exploited through policies that encourage people to better prepare for the future or choose better choices, such as requiring people to give up pension contributions instead of pension contributions.
Thaler is not the first scientist to be awarded the Nobel Committee for the integration of psychology and Economics. Daniel Kahneman, a psychologist at Princeton University, received a share in 2002 for his work with Amos Tversky, developing the behavioral foundations of the economy. But Thaler's work creates a strong link between science and politics, says Chris Stamer, an economist at the University of Nottingham in the United Kingdom. «That Thaler did in this form, as no other is to translate the science to the reality, says Stamer.
In particular, Nudge has clearly influenced policy makers, says Amelia Fletcher, an economist at the University of East Anglia's Norwich business school in the United Kingdom. From 2001 to 2013, Fletcher held the position of chief economist at the fair trade Office In D. C. and immediately saw the government's response to the book's publication. According to her, the Cabinet of Ministers of the United States has created a group to study behavior, as well as the office of fair trade and other regulatory bodies. «It is no exaggeration to say in the US that the publication of Nudge has changed the face of economic policy thinking in government, « she says.
According to Preluka, the new winner also has a distinctive and delightful style. While many economists tend to rely on a lot of mathematical formalism and can be difficult to follow, says Prelec, the Thaler «has shown that he can be severe with a small amount of mathematics and clear, not boring. «
Thaler seems to be somewhat taken aback by the prize. «I was satisfied, « he said over the phone at the press conference. Referring to Eugene FAMU, another economist at the University of Chicago who won the prize in 2013, he said: «I don't have to call my friend anymore... Professor Famoy on the Golf course. « The prize Fund is $ 1. 1 million. When asked what he would do about it, Thaler replied, «I will try to make it as irrational as possible. «
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A pioneer of science «nudge» and the discoverer of irrational decisions received the Nobel prize.
Suppose your credit card has a debt of thousands of dollars, with a high interest rate, but you have a slightly larger amount in your checkbook with a low interest rate. Stupid question, right? Pay off your loan debt in one fell swoop and you will save money. But in fact, not many people do, and this year's Nobel prize winner in Economics explains why.
Most people distribute their finances, according to Richard Thaler, an economist at the University of Chicago Illinois. In particular, they divide their capital into money that can be spent now and money that should be saved for future unforeseen expenses. So even if paying off the loan will save them money, most people maintain a balance in order to preserve finances for the future. This discovery is just one of the few that emerged from Tyler's fusion of traditional economic theory with behaviorism, a work that allowed him to win the 2017 Alfred Nobel prize in Economics.
«It's certainly deserved, « says William Schultz, an economist at Cornell University. «He was extremely resourceful in essentially selling psychology to economists, « says Schultz. «He changed the way economists think. « agrees dragen Prelec, a behavioral economist at MIT (mit) of Cambridge, adds «It has long deserved».
Thaler is already something of a small star. In 2008, he and Cass, Sunstein, a lawyer at Harvard law school Cambridge, co-author of Nudge: «Architecture of choice (Nudge: Improving decisions about Health, Wealth and Happiness) «. After the announcement, Sunstein wrote in his Twitter, «Exciting news... certainly a rational choice for Nobel. «
Thaler also played a cameo role in the 2015 film «the demotion Game» by a fictional accountant from the financial crisis of the last decade.
«The traditional economy assumes that a person acts perfectly rationally and makes decisions in order to maximize his well-being. Thaler's work has shown That in order to understand how people behave in reality, sociologists must take into account human systematic and predictable psychological biases, « says Peter Gardenfors, a member of the prize Committee in the field of Economics and Professor at Lund University in Sweden, at a press conference, announcing the winner. «He made the economy more humanized, « said Gardenfors.
During the award, the Committee highlighted Thaler's three main conceptual contributions. The first, called limited rationality, helps explain why people do not necessarily follow the laws of classical Economics. For example, in the case of credit card debt, the classical economy claims that people should do anything to increase their capital. But Thaler disagrees, arguing that people make a mental separation of their finances, which creates different accounts, each aimed at special needs and has no goal of achieving the greatest profit. Similarly, he showed that the innate human aversion to admitting defeat will cause in them desire to write longer unprofitable stocks than profitable.
The second contribution is that Thaler studied how so-called social preferences affect the economy. For example, after a hurricane, gasoline could be in short supply, and the classic economy would predict that gas stations would have to raise the price significantly in response. But doing so would violate the sense of justice among people and this psychological effect explains why prices remain relatively stable even in such emergencies.
The third contribution - Thaler checked how people have self-control. For example, workers may decide to save more for retirement, but find that they are unable to postpone even a small portion of their monthly salary. Borrowing the concept from behavioral psychology and neuroscience, Thaler and his colleagues explained this apparent contradiction by developing a «Planner-doer» model. According to this model, each of us has its own accountant, who, on the one hand, plans for the future, and on the other, acts immediately. Thus, the desire of the planner to save 10% of each salary can be overshadowed by the need of the worker to buy winter tires or to fix the toilet on the top floor. This dichotomy can be used by a variety of policies that encourage people to prepare more carefully for the future or to make better decisions, such as the need to sign a waiver of pension contributions instead of an agreement on them.
Thaler is not the first scientist to be awarded the Nobel prize Committee for the integration of psychology and Economics. Daniel Kahneman, a psychologist at Princeton University, received part of the 2002 prize for his work with Amos Tversky on developing the behavioral foundations of Economics. But Thaler's work is strongly linked between science and politics, says Chris Starmer, an economist at Nottingham University in the UK. «Thaler has done what no one has ever done, namely to put science into action, « says Starmer.
In particular, Nudge (the book) obviously influenced politicians, says Amelia Fletcher, an economist at the Norwich school of business in East Anglia in the UK. From 2001 to 2013, Fletcher worked as chief economist at the British antitrust authority and personally saw the government's reaction to the publication of the book. The British Cabinet has created the behavioral Insights Team, she says, as has the Antimonopoly service and other regulatory bodies. «In the UK, it is no exaggeration to say that the publication of Nudge (the book) has changed the face of the entire economy within the government, « she says.
The new winner also has a distinct and delightful style, says Prelec. In places where many economists rely heavily on mathematical formalism and are therefore difficult to understand. Thaler showed that he could be accurate with a bit of mathematics and understandable, but not boring.