Template-Type: ReDIF-Article 1.0

Author-Name: Gábor Neszveda
Author-Workplace-Name: Corvinus University of Budapest
Author-Email: gabor.neszveda@uni-corvinus.hu

Title: The Contribution of Thaler to Behavioural Economics

Abstract: Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences in 2017
for his contribution to behavioural economics. The main purpose of behavioural
economics is to build a bridge between economic thinking and the results of
psychological research. Below, I present the fields where the work of Thaler stands
out the most, such as limited rationality, lack of self-control and social preference.
In addition, his findings also laid the foundations for behavioural finance. His
unwavering, successful and high-standard research over more than forty years has
laid the foundations for a number of new research directions, not only in sciences.
The elaboration of the theory of libertarian paternalism, among others, is also
associated with his name, which has substantially shaped many decision-makers
and regulations over the past decade.

Classification-JEL: D03, D90, G02, G40
Keywords: behavioural economics, behavioural finance, limited rationality, social preference, lack of self-control, Nobel Memorial Prize
Pages: 153-167
Volume: 17
Issue: 1
Year: 2018
File-URL: http://english.hitelintezetiszemle.hu/letoltes/fer-17-1-e2-neszveda.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:17:y:2018:i:1:p:153-167