It is useful to understand the contradiction between the positive and normative aspects of Nobel Prize winner Richard Thaler's work on behavioural economics
Last week, Richard Thaler was awarded the Nobel Prize in economics for introducing “psychologically realistic assumptions into analyses of economic decision-making". Often called the father of behavioural economics, Thaler is best known for analysing the mundane and everyday human choices. His work explains everything from fat waistlines to slim savings accounts.
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