Professor emeritus of economics and behavioral sciences at the University of Chicago, USA, Thaler incorporated psychologically realistic assumptions into analyses of economic decision-making and ...

American economist and Nobel laureate Richard Thaler outlined mental accounting as the process by which people code, categorize, and weigh economic outcomes. Thaler also developed nudge theory to ...

People exploit flexibility in mental accounting to relax psychological constraints on spending. Four studies demonstrate this in the context of moral behavior. The first study replicates prior ...