Listen to RFI News
Expand Player
Listen Download Podcast
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 10/17 13h00 GMT
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 10/16 13h00 GMT
  • Paris Live PM 1300 - 1400 GMT
    News bulletin 10/15 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/05 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/04 13h00 GMT
  • 13h00 - 14h00 GMT
    News bulletin 04/03 13h00 GMT
To take full advantage of multimedia content, you must have the Flash plugin installed in your browser. To connect, you need to enable cookies in your browser settings. For an optimal navigation, the RFI site is compatible with the following browsers: Internet Explorer 8 and above, Firefox 10 and +, Safari 3+, Chrome 17 and + etc.

Nobel prize winner Thaler - the human angle on economics

media Richard Thaler ©University of Chicago Booth School of Business

US economist Richard Thaler won the Nobel Prize for Economics on Monday for his study of the impact of psychological factors on financial and economic decisions.

According to the Nobel prize jury in the Swedish capital Stockholm, 72-year-old Thaler has made economics more human by demonstrating that individual financial choices and market outcomes are systematically affected by "limited rationality", social preferences and lack of self-control.

Thaler, of the University of Chicago Booth School of Business, is also the coauthor of the nudge theory which analyses how people make bad or irrational decisions.

More importantly, it also "nudges" them to do more long-term planning, such as saving for a pension, to serve their long-term interests.

So popular was the appeal of Thaler's theory that he was called upon to advise several governments, including that of France, and it led to the setting up of a nudge unit in 2010 under the UK's former prime minister David Cameron.

The aim was to come up with innovative ways of changing people's behaviour to help them be healthier and happier.

Fame of another sort came Thaler's way when he made a cameo appearance alongside Christian Bale and Ryan Gosling in the Hollywood film The Big Short about the 2007/2008 world financial crisis.

The prize is worth some 950,000 euros

Sorry but the period of time connection to the operation is exceeded.