Richard Thaler, a professor at the University of Chicago Booth School of Business and one of the founders of the field of behavioral economics and finance, has been elected a Fellow of the Econometric Society, a group that promotes research aimed at unifying the theoreticalquantitative and empirical-quantitative approaches to solving economic problems.
Fellows represent the highest authority of the Society, which has a worldwide membership and publishes the scholarly journal Econometrica.
Thalerâs election was in recognition of his highly regarded contributions to economics, said Hyun Song Shin, executive vice president of the group and a professor of economics at Princeton University.
In addition to studying behavioral economics and finance, Thaler focuses on the psychology of decision-making, which lies in the gap between economics and psychology. He is the co-author (with Cass Sunstein) of the global best-seller âNudge: Improving Decisions About Health, Wealth and Happiness,â in which the concepts of behavioral economics are used to tackle many of societyâs major problems.
In announcing his election as a Fellow, the Econometric Society cited several of Thalerâs research papers including âDoes the Stock Market Overreact?â written by Werner DeBondt, published in the Journal of Finance, and âSave More Tomorrow: Using Behavioral Economics to Increase Employee Savings,â written by Shlomo Benartzi, published in the Journal of Political Economy.
Thaler is a member of the American Academy of Arts and Sciences and the co-director (with Robert Shiller) of the National Bureau of Economic Research project on behavioral economics. He is a Fellow of the American Finance Association.
Thaler joined the Chicago Booth faculty in 1995 after teaching at the University of Rochester and Cornell University.