The 2017 Nobel economics prize has been awarded to Richard Thaler of the University of Chicago for research on behavioral economics, which shows how our emotions can impact economic decision-making, as well as our investment performance. Thaler’s body of work has built on that of Israeli psychologists Daniel Kahneman and Amos Tversky, who forty years ago showed the ways in which the human mind systematically erred, when forced to make judgments in uncertain situations.
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