Richard Thaler wins Nobel Prize for Behavioral Economics

The University of Chicago behavioral economist Richard Thaler has played a central role in developing the idea that people often depart from rationality in consistent ways so their behavior can be anticipated and modeled. The emergence of behavioral finance in recent years allows us to more rigorously understand why even competitive markets have predictable return components.

The New York Times has a good overview of Prof. Thaler's ideas and impact.

The University of Chicago also has a good overview, video of Prof. Thaler's Nobel Prize news conference, and a video interview with Thaler.

The Royal Swedish Academy of Sciences Nobel Prize press release and scientific background on Prof. Thaler's work can be found here.