Richard thaler economist human face wins nobel prize

You're referring to Richard Thaler, the American economist who was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his contributions to behavioral economics.

Thaler is known for his work on the "nudge" concept, which involves using subtle cues and suggestions to influence people's behavior in a way that is consistent with their own best interests. He is also known for his work on the "endowment effect," which is the tendency for people to overvalue things they already own.

Thaler's work has had a significant impact on the field of economics, and has been applied in a wide range of areas, including finance, healthcare, and public policy. He is also known for his ability to make complex economic concepts accessible to a broad audience, and has written several popular books on economics, including "The Winner's Curse" and "Nudge."

Thaler's Nobel Prize was awarded for his work on behavioral economics, which is the study of how psychological, social, and emotional factors influence economic decisions. He was recognized for his contributions to the field, including his work on the endowment effect, the sunk cost fallacy, and the concept of mental accounting.

Thaler's work has also been influential in the development of policies aimed at improving people's well-being and decision-making. For example, his work on the "nudge" concept has been used to design policies that encourage people to make healthier choices, such as choosing healthier food options or exercising more.

Overall, Richard Thaler's work has had a significant impact on the field of economics and has helped to shape our understanding of how people make decisions. His Nobel Prize is a testament to his contributions to the field and his ability to make complex economic concepts accessible to a broad audience.