Richard H. Thaler

Richard Thaler, a Nobel Prize-winning behavioural economist and professor at the University of Chicago, challenges the traditional view of humans as rational decision-makers. He discusses why people often act against their best interests, highlighting concepts like sunk costs and the ultimatum game as examples of human irrationality. Thaler also explores the impact of nudging in pensions and critiques failed policies like presumed-consent organ donation. His insights reveal the complexities of human behaviour that traditional economics often overlooks.

Richard Thaler, the Nobel Prize-winning economist and co-author of 'Nudge,' joins journalist Kamal Ahmed to dive into the transformative world of nudge theory. They discuss how subtle changes in choice architecture can significantly influence decision-making in areas like public health and climate change. The conversation delves into the power of nudges in boosting vaccination rates, the impact of social media algorithms on behavior, and how these concepts can enhance parenting and policymaking for better outcomes.

Richard Thaler, a Nobel Prize-winning behavioral economist from the University of Chicago, discusses the nuances of decision-making that often defy traditional economic models. He shares personal stories that reveal how social norms influence our choices, such as the endowment effect, where ownership alters our perception of value. Thaler also delves into the fascinating dynamics of the NFL draft, showcasing behavioral insights in player evaluation. His work sheds light on the psychological factors that drive everyday economic decisions.