Richard Thaler

Richard Thaler is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.

Richard Thaler is known for his contributions to behavioral economics and his work on the theory of 'nudge'. He wrote the book "Nudge: Improving Decisions About Health, Wealth, and Happiness" along with Cass R. Sunstein.

Yes, Richard Thaler has received several awards for his contributions to economics. He was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his work on behavioral economics.

Behavioral economics combines insights from psychology and economics to understand how people make economic decisions. It takes into account human biases and irrational behavior, rather than assuming rationality, which is the traditional assumption of mainstream economics.

The theory of 'nudge' proposes that small changes in the presentation of choices can significantly influence people's decisions. It suggests that policymakers can design choices in a way that encourages people to make decisions that are in their best interest, without restricting their freedom of choice.