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Topic: Richard Thaler

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Behavioral finance

Behavioral economics

Endowment effect

List of publications in economics

Daniel Kahneman

Prospect theory

Status quo bias

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List of cognitive biases

Thaler

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Confirmation bias

	Richard Thaler - Wikipedia, the free encyclopedia
		Thaler has also organized a series of behavioral finance seminars along with Robert Shiller, another behavioral finance expert at the Yale School of Management.
		Thaler gained some attention in the field of economics for publishing a regular column in the Journal of Economic Perspectives from 1987 to 1990 titled "Anomalies", in which he documented individual instances of economic behavior that seemed to violate traditional microeconomic theory.
		Thaler also is the founder of an asset management firm [2] that enables a select group of investors to capitalize on cognitive biases such as the endowment effect, loss aversion and status quo bias.
	en.wikipedia.org /wiki/Richard_Thaler (354 words)

	Vita
		Thaler, Richard H., "Maximization and Self-Control," a commentary on "Maximization Theory in Behavioral Psychology," by Rachlin, Battalio, Kagel and Green, in The Behavioral and Brain Sciences, 1981.
		Thaler, Richard H., Amos Tversky and Peter Wakker.
		Thaler, Richard H., "From Homo Economicus to Homo Sapiens." Journal of Economics Perspectives 14, (2000):133-141.
	gsbwww.uchicago.edu /fac/richard.thaler/research/vita.htm (2182 words)

	All in the Mind: 27 November 2004 - Money and the Mind
		Richard Thaler: Well the standard way of modelling economic behaviour is to start out by assuming that real people are very clever, are able to solve problems as well as economists can, so very good at optimisation and really pretty much devoid of emotion and self control problems.
		Richard Thaler: You know it’s funny, I think you give the example of buying a carton of milk, that one is probably something people do pretty well.
		Richard Thaler: Well, you know I take pleasure in the fact that we seem to be very popular with young economists.
	www.abc.net.au /rn/science/mind/stories/s1251708.htm (4022 words)

	Amazon.de: The Winner's Curse: Paradoxes and Anomalies of Economic Life: English Books: Richard H. Thaler (Site not responding. Last check: 2007-11-01)
		Author Richard H. Thaler, a founding father of behavioral economics, presents convincing exhibits to make the case that the assumption of economic rationality is an awfully big pill to swallow.
		Richard Thaler is one of the foremost behavioral economists.
		Thaler offers a highly insightful analysis of the various anomalies in capital market behavior that appear to be inconsistent with the standard economic assumptions built into the efficient capital markets hypothesis and the capital asset pricing model.
	www.amazon.de /Winners-Curse-Paradoxes-Anomalies-Economic/dp/0029324653 (1389 words)

	Decision Science News: Richard H. Thaler
		DECISION SCIENCE RESEARCHER PROFILE: RICHARD H. THALER Richard Thaler is the Robert P. Gwinn Professor of behavioral science and economics at University of Chicago.
		Thaler earned his B.A. in economics from Case Western Reserve University and his Ph.D. in economics from the University of Rochester.
		DECISION SCIENCE RESEARCHER PROFILE: RICHARD H. Richard Thaler is the Robert P. Gwinn Professor of behavioral science and economics at University of Chicago.
	www.dangoldstein.com /dsn/archives/2004/08/richard_h_thale.html (961 words)

	The University of Chicago Magazine
		So began what Richard Thaler, the Robert P. Gwinn distinguished service professor of behavioral science, economics, and finance in the Graduate School of Business, considers a massive field experiment into what could happen if every Lars, Olaf, and Kristina chose how to manage their social-security funds.
		Thaler and Cronqvist’s only quibble with the default fund is that it leaned too heavily toward Swedish firms’ stocks.
		THALER IS IN HIS LATE 50S, has wavy silver hair, and dresses casually in dark chinos and fl loafers, button-down shirt open at the collar.
	magazine.uchicago.edu /0502/features/economics.shtml (3628 words)

	Online NewsHour: Playing By the Numbers -- October 9, 2003
		RICHARD THALER, Economist: Economics is based on two important assumptions about behavior: The first is that people are rational, the second is that they're selfish.
		But Thaler insists, and it's the point of this piece, that behavioral economics has a lot to teach baseball fans about why players, managers, and owners often behave in irrational, self-defeating ways, despite the fact that baseball is supposedly the game in which people oh-so- rationally, play the percentages.
		RICHARD THALER: The people who are making those decisions go with their gut rather than with the data.
	www.pbs.org /newshour/bb/sports/july-dec03/baseball_10-09.html (1656 words)

	Richard H. Thaler at IDEAS
		Michaely, Roni & Thaler, Richard H & Womack, Kent L, 1995.
		Thaler, Richard H & Shefrin, H M, 1981.
		Benartzi, Shlomo & Michaely, Roni & Thaler, Richard H, 1997.
	ideas.repec.org /e/pth67.html (2065 words)

	Richard H. Thaler Books - Signed, used, new, out-of-print
		Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions.
		He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers--they pay too much and suffer the "winner's curse"-- why...
		In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully...
	www.alibris.com /search/books/author/Richard_H_Thaler (207 words)

	FINANZA COMPORTAMENTALE: il portale italiano di behavioural finance
		Richard A. Geist, "The Emotions of Risk," in The Psychology of Investing, John Wiley and Sons, New York, 1999.
		Richard Thaler (1987), "The Relevance of Quasi-Rationality in Competitive Markets," with Thomas Russell, p.
		Richard Thaler (1987), "Fairness and the Assumptions of Economics," with Daniel Kahneman and Jack L. Knetsch, p.
	www.finanzacomportamentale.it /biblioabstract3.html (1994 words)

	GSB news—Richard Thaler Weighs in on Baseball Debate
		The Boys of Summer could learn something from Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics Richard Thaler’s course on decision-making according to a New York Times article.
		While team managers and scouts insist their experience and knowledge are key to making decisions about the game, Thaler comes down on the side of the “rationalists”.
		Thaler and a colleague have a study under review for publication that looks at how people make economic decisions.
	www.chicagogsb.edu /news/2005-10-10h_thaler_baseball_nfl_sos.aspx (217 words)

	Brian Easton » RICHARD THALER’S SAVINGS PRINCIPLES
		The standard economic theory of individual behaviour is contradicted by the evidence of irrationality (or ‘quasi-rationality’).(1) In practice, as has been attested by numerous studies, the major predictions of economic rationalism fail.(2)
		Thaler, R.H. The Winner’s Curse: Paradoxes and Anomolies of Economic Life, Princeton University Press, 1992; Quasi Rational Economics, Russell Sage Group, New York, 1994.
		If two people have identical lifetime earnings profiles, and one has $100,000 of pension wealth and the other has none, then economic rationalism predicts that the latter will have other wealth (such as shares and bank deposits) to offset the pension deficit.
	www.eastonbh.ac.nz /article72.html (444 words)

	ECONIS Select : Nobelpreis für Wirtschaftswissenschaften 2002: Daniel Kahneman (Site not responding. Last check: 2007-11-01)
		Kahneman, D., Knetsch, J., and Thaler, R. Experimental tests of the endowment effect and the Coase theorem.
		Kahneman, D., and Thaler, R. Economic analysis and the psychology of utility: Applications to compensation policy.
		Thaler, R., Tversky, A., Kahneman, D., and Schwartz, A. The effect of myopia and loss aversion on risk taking: An experimental test.
	www.zbw-kiel.de /dienstleist/econselect/mi_kahneman.html (3004 words)

	Resume
		Thaler, Richard, and Shlomo Benartzi, "Save More Tomorrow: Using Behavioral Economics to Increase Employee Savings," Journal of Political Economy, forthcoming.
		Benartzi, Shlomo, and Richard Thaler, "Myopic Loss-Aversion and the Equity Premium Puzzle," Quarterly Journal of Economics, February 1995, Vol.
		Grullon, Gustavo, Roni Michaely, Shlomo Benartzi, and Richard Thaler, "Changes in Dividends (Still) Signal the Past," University of California-Los Angeles, 2001.
	www.anderson.ucla.edu /faculty/shlomo.benartzi/Resume2.htm (565 words)

	UCLA Anderson School of Management \| Accounting \| Shlomo Benartzi's Vita
		Benartzi, Shlomo, Richard H. Thaler, Stephen P. Utkus, and Cass R. Sunstein, “Company Stock, Market Rationality, and Legal Reform,” The Journal of Law and Economics, forthcoming.
		Thaler, Richard, and Shlomo Benartzi, "Save More Tomorrow: Using Behavioral Economics to Increase Employee Savings," Journal of Political Economy, February 2004, Vol.
		Benartzi, Shlomo, and Richard Thaler, "How Much Is Investor Autonomy Worth?" Journal of Finance, August 2002, Vol.
	www.anderson.ucla.edu /x5515.xml (687 words)

	Global-Investor Bookshop : Advances in Behavioral Finance Vol II - by Richard H. Thaler (Site not responding. Last check: 2007-11-01)
		In 1993, the first volume provided the standard reference to this new approach in finance - an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then.
		Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories.
		Richard H. Thaler is Robert P. Gwinn Professor of Behavioral Science and Economics at the University of Chicago's Graduate School of Business.
	books.global-investor.com /books/22510.htm?ginPtrCode=00000 (902 words)

	Wilmott \| Serving The Quantitative Finance Community \| Bookshop
		Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories.
		These market anomalies have spawned a new approach to finance, one which as editor Richard Thaler puts it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time".
		Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers, who fail to recognize the contributions of chance to their past successes.
	books.global-investor.com /books/13782.htm?ginPtrCode=10202 (377 words)

	Richard H. Thaler
		Advances in Behavioral Finance Richard H. Thaler; The Roundtable Series in Behavioral Economics;; Princeton, N.J.: Woodstock, 2005 Overconfidence vs. Market Efficiency in the National Football League; Cade Massey and Richard H. Thaler; NBER Working Papers Series no. 11270; Cambridge: National Bureau of Economic Research, 2005.
		"Response from Matthew Rabin and Richard H. Thaler." Matthew Rabin and Richard H. Thaler; Journal of Economic Perspectives, 2002, 16(2), pp.
		Comment," Richard Thaler, in D. Wise: Advances in the Economics of Aging.
	www.lib.uchicago.edu /e/busecon/busfac/Thaler.html (3146 words)

	SSRN-Anomalies: Utility Maximization and Experienced Utility by Daniel Kahneman, Richard Thaler
		RICHARD H. University of Chicago - Graduate School of Business; National Bureau of Economic Research (NBER)
		The assumption that utility is always maximized allows often surprising inferences about the nature of the desires that guide people's ever-rational choices.
		Kahneman, Daniel and Thaler, Richard H., "Anomalies: Utility Maximization and Experienced Utility" (December 1, 2005).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=870494 (232 words)

	GSB news—TV Game Shows Provide Richard Thaler with Research Material
		Richard Thaler is one of a few behavioral economists who have expanded their study of game theory to include television game shows.
		The newest show to spark the interest of economists is “Deal or No Deal,” a game that involves pure chance.
		That makes it a particularly attractive show to analyze risk and decision making., Thaler notes, according to the Wall Street Journal.
	gsb.uchicago.edu /news/2006-01-23_thaler_gameshows.aspx (198 words)

	Drwn News: The Winner's Curse, by Richard Thaler
		Thaler's stuff on behvioral economics has been increasingly interesting to me. There was a cool profile of him a few years back in the NYT Magazine, and maybe that turned me on to him.
		It blows away foundational assumptions not only in economics but in philosophy and moral theory, political and game theory, concepts of sociality and government, etc. Daniel Kahnemann and Amos Tversky are the two principal figures in this arena; they were named last year for the Nobel Prize in Economics.
		It made me wonder if maybe Thaler had been left out.
	www.drownout.com /blog/archives/000198.html (391 words)

	Richard Thaler: Behavioral Finance
		Michael Covel is the author of the internationally bestselling book Trend Following
		Richard H. Thaler (Professor of Behavioral Science and Economics; University of Chicago) offers great insight into mental accounting.
		Thaler's work forms the behavioral finance foundation needed to win in the trading game.
	www.turtletrader.com /richard-thaler.html (802 words)

	Thaler, R.H., ed.: Advances in Behavioral Finance, Volume II.
		In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then.
		As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life.
		Thaler's preface is very readable, as is the superb introduction by Thaler and Nick Barberis."--Colin Camerer, California Institute of Technology, author of Behavioral Game Theory and Advances in Behavioral Economics
	www.pupress.princeton.edu /titles/7944.html (490 words)

	Econ 333, Behavioral Economics at Vassar College
		Anomalies: Intertemporal Choice, by George Loewenstein, Richard Thaler, Journal of Economic Perspectives, Fall 1989, pp.
		Anomalies: The Winner's Curse, by Richard H. Thaler, The Journal of Economic Perspectives, Vol.
		Anomalies: Ultimatums, Dictators and Manners, by Colin Camerer and Richard H. Thaler, Journal of Economic Perspectives, Vol.
	irving.vassar.edu /faculty/sf/econ333.htm (234 words)

	CHORLEYH2001
		Again the team which played Whitehaven had to call upon some of Rovers youngsters including Wayne Sutcliffe, Richard Thaler, Matt Turner and Steve Jones for the long trip due to many injuries to the regular first team squad.
		With Chris Spurr sidelined Richard Thaler started in the centre to his Alliance colleague Matt Turner.
		It was really good to see Rovers youngsters coming to the fore with Richard Thaler showing some good finishing.
	www.btinternet.com /~rovers/01hcho.htm (442 words)

	[No title] (Site not responding. Last check: 2007-11-01)
		Meeting of Creditors Chapter 7 No Asset & Appointment of Chapter 7 Trustee, Andrew M Thaler, 341(a) Meeting to be held on 09/20/2006 at 09:00 AM at 560 Federal Plaza, Room 561, CI, NY.
		(Richard L Stern removed from the case.) Filed by US Trustee Central Islip (RE: related document(s)[5] Meeting of Creditors Chapter 7 No Asset).
		Meeting of Creditors Chapter 7 No Asset & Appointment of Chapter 7 Trustee, Andrew M Thaler, 341(a) Meeting to be held on 09/20/2006 at 10:00 AM at 560 Federal Plaza, Room 561, CI, NY.
	www.nyeb.uscourts.gov /calendars/ecf/341/sb341_2.html (2262 words)

	Amazon.com: The Winner's Curse: Books: Richard H. Thaler (Site not responding. Last check: 2007-11-01)
		Advances in Behavioral Finance, Volume II (The Roundtable Series in Behavioral Economics) by Richard H. Thaler
		Most anyone will find this discussion of Thaler's (and his colleagues) work enough to whet their appetite for more on the subject.
		It is only a matter of time before you will find yourself digging up the academic papers behind the discussions.
	www.amazon.com /Winner-Curse-Richard-H-Thaler/dp/0691019347 (2522 words)

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