Richard Thaler
Richard H. Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. He was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his contributions to behavioral economics, a field that bridges the gap between economics and psychology by relaxing the standard assumption that all economic agents are fully rational and selfish. He is best known for his research on cognitive biases, mental accounting, and choice architecture, and is the co-author of the bestselling book Nudge with Cass R. Sunstein.
“The way that businesses are structured, as you push responsibility and accountability further and further down the organization, they become more and more risk averse... they would prefer a definite 5% to 10% to a probabilistic, a 50% chance of 50%.”
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