Summary of “Nobel in Economics Is Awarded to Richard Thaler”

The economics prize was established in 1968 in memory of Alfred Nobel by Sweden’s central bank and is awarded by the Royal Swedish Academy of Sciences.
Another behavioral economist, Robert J. Shiller, who was among the winners in 2013, hailed Professor Thaler on Monday as “One of the most creative spirits in modern economics.”
Professor Thaler has played a central role in pushing economists away from that assumption.
“Thaler more than anyone has disciplined the idea of animal spirits,” said Cass Sunstein, a Harvard law professor who wrote “Nudge” with Professor Thaler.
Professor Thaler, 72, was born in East Orange, N.J., and graduated from Case Western Reserve University before earning a doctorate in economics at the University of Rochester in 1974.
Professor Thaler became their collaborator and played a central role in bringing the work into the economic mainstream.
In 1995, Professor Thaler joined the faculty at the University of Chicago, the institution most associated with a rationalist approach to economics.
In a presidential address to the American Economic Association in January 2016, Professor Thaler predicted behavioral economics would succeed so well it would eventually disappear.

The orginal article.