Richard Taler and his innovative approach to development of behavioural economy

Author(s):  T.V. Nikitina, Dr., Saint Petersburg State University of Economics, Saint Petersburg, Russia, t_nikitina2004@mail.ru

D.A. Chepakov, Saint Petersburg State University of Economics, Saint Petersburg, Russia, dmitry_chepakov@yahoo.fi

S.G. Kvekveskiri, Saint Petersburg State University of Economics, Saint Petersburg, Russia, kvekveskiri_sabina@mail.ru

Issue:  Volume 45, № 4

Rubric:  Investment and innovations

Annotation:  The present article is devoted to a research of a contribution of Richard Taler – the winner of the Nobel Prize in economy in 2017 – in development of behavioural economy. In work as authors the analysis of the main results of scientific publications and Richard Taler's works submitted in three main directions of researches is carried out: formation of a scientific thought in the field of influence of deviations from ideally rational behavior on economic solutions of subjects, consideration of problems of self-checking and the proof of importance of social preferences at adoption of economic decisions. Article notes that the main subject of researches of the scientist is the research of impact of irrationality of behavior of the real person on the existing differences between neoclassical economic theories and real economic behavior. Article separately allocates the scientist's contribution to formation of the theoretical and practical base of behavioural economy and also underlines importance of the published Richard Taler's works having innovation of a look and the essential cumulative effect which is shown in the created base for further researches in the field of development of the theory and carrying out empirical tests

Keywords:  Richard Thaler, behavioral economics, Nobel Prize, nudge, endowment effect, mental accounting, the planner-doer model, default options

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