Self-Control Fear: Research Policy

self-control fear: Awarding the 9 million Swedish crown 1.1 million prize, the Royal Swedish Academy of Sciences said Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making, according to The Japan Times. His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy. Influential in the field of behavioral economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term. ; I think the most important impact of my research is the recognition that economic agents are human and economic models have to incorporate that, Thaler, a professor at The University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference. Thaler brought to prominence the idea of nudge economics, where individuals are subtly guided toward beneficial behaviors without heavy-handed compulsion, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world. The issue has relevance for economics as individuals' tendency to fall prey to temptations often negatively affects plans to, for instance, save for retirement. In researching how self-control or the lack of it Thaler touched on an age-old problem why New Year's resolutions to change aspects of your life are notoriously hard to keep. (news.financializer.com). As reported in the news.