Richard H. Thaler is a renowned economist who is widely regarded as one of the founders of the field of behavioral economics. His work has had a significant impact on economics, psychology, and public policy.

Thaler's research focuses on the ways in which individuals make decisions that are not always rational or in their best interest. He has shown that people often make decisions based on emotions, biases, and social norms, rather than purely rational calculations. Thaler has also studied the implications of these behaviors for economic policy, particularly in the areas of saving, investing, and retirement planning.

One of Thaler's most influential contributions to the field of behavioral economics is his concept of "mental accounting." Mental accounting refers to the way in which people categorize and treat their money differently based on its source, intended use, or other factors. Thaler has shown that mental accounting can lead people to make irrational decisions, such as overspending on one category of expenses while neglecting others.

Thaler has also conducted research on the endowment effect, which is the tendency of people to overvalue items that they own, and the sunk cost fallacy, which is the tendency of people to continue investing in a project or decision even when it is no longer rational to do so.

In addition to his academic research, Thaler is known for his popular books on behavioral economics, including "Nudge: Improving Decisions About Health, Wealth, and Happiness," which he co-authored with Cass Sunstein. In "Nudge," Thaler and Sunstein propose ways in which policymakers can use insights from behavioral economics to encourage people to make better decisions, such as through default options or simplifying choices.

Thaler was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his contributions to the field of behavioral economics.
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