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2017, vol. 46, iss. 4, pp. 152-159
Psychology in the service of economy
Udruženje banaka Srbije
Keywords: Richard Thaler; Nobel Prize; behavioral economics; psychology; decision-making; nudge; mental accounting; limited rationality; perception; self-control
Richard Thaler, a contemporary American economist and professor of behavioral economics at the University of Chicago, won the 2017 Nobel Memorial Prize in Economic Sciences. He broadened the scope of economic analysis and made it more sophisticated by examining three psychological traits systematically influencing economic decisions, i.e. limited rationality, perception of fairness and lack of self-control. Thus, in the 1980s Thaler advanced his 'economic theory of self-control' which describes economic phenomena, especially decision-making, in terms of people's inability to control their impulses. In the numerous papers and books that he published in this relatively young field of economics, Thaler introduced the terms like 'nudge' and 'choice architecture', and developed the so-called theory of 'mental accounting'.
*** (2017) The prize in economic sciences 2017 - popular science background: Easy money or a golden pension?: Integrating economics and psychology., 15. decembra 2017
*** (2017) The prize in economic sciences 2017: Presentation speech by professor Per Strömberg., 15. decembra 2017
Partington, R. What is behavioural economics?. The Guardian,, 15. decembra 2017
Richard, H., Biography, T. The University of Chicago, Booth School of Business., 15. decembra 2017
Shiller, R. Richard Thaler is a controversial Nobel Prize winner: But a deserving one. The Guardian,, 28. novembra 2017


article language: Serbian, English
document type: Review Paper
DOI: 10.5937/bankarstvo1704152L
published in SCIndeks: 15/03/2018
Creative Commons License 4.0

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