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Yesterday, American economist Richard Thaler was awarded the Nobel Prize in Economic Sciences. Thaler is well known for his best-selling book titled “Nudge”. Based on a concept that that people can be influenced by prompts, it has even influenced governments with some setting up nudge units. The Nobel Committee’s statement on this award reads - “Richard H. Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes.” Today, we ask one of his students, why he thinks the award is timely.
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