Richard H. Thaler is a distinguished figure in the field of economics, renowned for his pioneering contributions to behavioral economics. Born on September 12, 1945, in East Orange, New Jersey, Thaler obtained a bachelor’s degree from Case Western Reserve University in 1967 and a master’s and PhD from the University of Rochester in 1970 and 1974, respectively. His educational background laid a strong foundation for his career, which has been marked by a persistent attempt to understand and explain how psychological factors influence economic decisions.

Thaler has held several prominent positions. He is a professor of Behavioral Science and Economics at the University of Chicago Booth School of Business, a position he has held since 1995. He has also taught at the University of Rochester, Cornell University, and the Massachusetts Institute of Technology. Thaler’s academic work has been recognized with numerous awards, most notably the Nobel Memorial Prize in Economic Sciences in 2017, awarded for his contributions to behavioral economics.

Thaler is often credited with bringing human psychology into the realm of economic theory, challenging the traditional notion of the “rational actor” prevalent in classical economics. His work has illuminated the ways in which real people— with all their complexities, biases, and irrationalities—interact with economic systems.