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Advances in Psychological Science    2019, Vol. 27 Issue (3) : 381-393     DOI: 10.3724/SP.J.1042.2019.00381
Special Section in Honor of the 2017 Nobel Laureate in Economics Richard H. Thaler |
From theory, research, to applications: Richard H. Thaler and his contributions
LIU Yongfang1,FAN Wenjian1,HOU Rixia2()
1 The School of Psychology and Cognitive Science,East China Normal University,Shanghai 200062, China
2 Jining Medical University, Jining 272067,China
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Abstract  

After Herbert Simon, Reinhard Selten, and Daniel Kahneman, Richard Thaler became the fourth scholar winning the Nobel Memorial Prize in Economic Sciences whose research is concerned with bounded rationality. Theoretically, Thaler not only accepted and developed the framework of bounded rationality, but also contributed to the conception and development of the theory of mental accounting. In basic research, he discovered and showed the unique attributes of mental accounting, such as the endowment effect, lack of self-control and preference for fairness. In practice, he successfully explained some puzzling phenomena in the stock and fund markets, using relevant theories in human psychology; many results from his empirical studies are widely used in business management and public administration. Furthermore, Thaler advocates the “nudge” approach to policy making, trying to improve people’s well being through subtle but effective manipulations. Thaler's research has the rare and highly desirable “theory-research-application” triadic quality, and the Nobel prize rightfully reflects his contributions to the understanding of economics and human behaviors.

Keywords bounded rationality      mental accounting      self-control      fairness preference      nudge     
ZTFLH:  B849: C91  
Corresponding Authors: Rixia HOU     E-mail: hourixia@163.com
Issue Date: 22 January 2019
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Yongfang LIU
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Yongfang LIU,Wenjian FAN,Rixia HOU. From theory, research, to applications: Richard H. Thaler and his contributions[J]. Advances in Psychological Science, 2019, 27(3): 381-393.
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http://journal.psych.ac.cn/xlkxjz/EN/10.3724/SP.J.1042.2019.00381     OR     http://journal.psych.ac.cn/xlkxjz/EN/Y2019/V27/I3/381
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