Integration of the Economy with Psychology: Richard H. Thaler, Nobel Prize of Economy 2017

Authors

  • José G. Vargas Hernández Universidad de Guadalajara, México

DOI:

https://doi.org/10.52292/j.estudecon.2018.1374

Keywords:

nudge, behavioral economics, endowment effect, mental accounting, limited rationality

Abstract

This paper aims to analyze the main contributions of Richard H. Thaler to the science of behavioral economics, which have been considered to grant him the Nobel Prize Sveriges Riksbank of Economics in 2017. His contributions incorporate psychology into the economic decision-making processes departing from instrumental rationality and the theory of rational choice to contribute to the generation of a new perspective in economic theory and economic policy. The method used is fundamentally analytical-descriptive based on a review of his main publications. Finally, it is concluded that Thaler and his collaborators exert a relevant infl uence when generating a new frame of reference to explain and predict economic results from an approximation of limited rational behavior, the theory of limited accounting and the model of planer-maker under the concept of nudge which have an impact on the design and implementation of public policies.

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References

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Published

2018-12-29 — Updated on 2021-09-25

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How to Cite

Vargas Hernández, J. G. (2021). Integration of the Economy with Psychology: Richard H. Thaler, Nobel Prize of Economy 2017. Estudios económicos, 35(71), 101–113. https://doi.org/10.52292/j.estudecon.2018.1374 (Original work published December 29, 2018)

Issue

Vol. 35 No. 71 (2018)

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