# Richard Thaler Wins Nobel Prize in Economics Thaler, known for his contributions to behavioral economics, has been awarded the prestigious prize. - **Source:** [Freakonomics](https://freakonomics.com) - **Published:** 2017-10-09 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/45430a85-957d-4d24-851a-c8b52cc03629 ## Who is Richard Thaler? Richard Thaler is an economist renowned for his pioneering work in behavioral economics. He integrated Kahneman and Tversky's decision-making research into economics, significantly advancing the field. ## The Significance of the Nobel Prize The Nobel Prize in Economics is awarded to individuals who have made extraordinary contributions to economic science. Thaler's win highlights the impact of behavioral economics on policy-making. ## What is Behavioral Economics? Behavioral economics is a discipline that explains economic decisions through psychological factors. Thaler's work has introduced a new perspective to economic theory through his research in this area. ## Thaler's Works Thaler has authored significant works in behavioral economics, including 'Nudge', 'Misbehaving', and 'Winner's Curse'. These books have reached a wide audience in the economics world. ## Impact on Policy Thaler's research, particularly the concept of 'libertarian paternalism', has become an essential tool for policymakers. This approach aims to help people make better decisions. ## Thaler's Legacy Richard Thaler has left a lasting mark on economic science through his work in behavioral economics. The Nobel Prize ensures international recognition of these contributions. ## Sources covering this story - https://freakonomics.com/2017/10/congratulations-nobel-laureate-richard-thaler/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._