Nobel Prize in Economics Awarded to American Researcher Richard Thaler

Richard Thaler, an American professor and economic researcher, won the Nobel Prize in Economics in 2017 for generalizing the nudging hypothesis aimed at guiding people towards making rational economic decisions. One of the important features of Thaler's research and works is the role of human behavior in economic conditions and developments. According to Reuters, as a behavioral economist, he has shown in his research that a lack of self-control and fear of losing assets sometimes leads people to make decisions that are not economically beneficial in the long run. This economics professor at the University of Chicago stated in a phone call after being announced as the Nobel laureate that 'I think the most important aspect of my research's impact is the acceptance of the fact that humans are one of the important factors in determining economic conditions, and economic models must take this factor into account.' The Royal Swedish Academy of Sciences awarded Thaler $1.1 million, stating, 'His research has built a bridge between economics and the psychology of individual decision-making. His research and findings have played a decisive role in the rapid development of the scientific field known as behavioral economics and have had a significant impact on economic research and policymaking.' Richard Thaler popularized the economic idea of 'nudging,' which encourages individuals to make more rational economic decisions in a soft and indirect manner. He explained the details of this method and hypothesis in a book co-authored with Professor Cass Sunstein in 2008, which garnered significant attention from the public and policymakers worldwide. One aspect examined in individuals' behavior is economic temptations that often lead people, for example, not to plan well for their retirement. In his book, he explains that while there should generally be freedom of choice in societies, there should actively be efforts to guide individuals towards making correct decisions. Torsten Persson, a member of the Nobel Prize Committee, stated, 'Richard Thaler's theories have been considered in the public pension system of the United States, and his hypothesis has created a significant transformation in decision-making and public policymaking.' He added that 'the governments of Britain and Australia have special committees that examine the nudging factor, and this has even influenced the decisions of the Swedish government.' According to Reuters, David Laibson, head of the economics department at Harvard University, noted that large companies and governments have implemented many of Richard Thaler's hypotheses aimed at encouraging people to engage in beneficial actions such as paying traffic fines or getting flu shots. Richard Thaler, who holds an important position in economic and research circles, also had a brief role in the 2015 film 'The Big Short,' where he explains one of the factors leading to the economic crisis, indicating that past successes can create the illusion that continuing that trend will also be successful in the future. The Nobel Prize in Economics is not one of the main and original Nobel prizes and has been awarded since 1968. Last week, the winners of the Nobel Prizes in physics, chemistry, medicine, literature, and the Nobel Peace Prize were announced. A large portion of the Nobel Prizes in Economics has been awarded to American economists, with about half of the winners since its establishment being American. For example, between 2000 and 2013, all winners of this prize were American. In contrast, the number of female winners of this prize is negligible. The only woman to have won this prize was Elinor Ostrom in 2009. Another manifestation of the lack of women in the list of Nobel Prize winners is that in 2017, there was not a single woman among the winners of these prizes.