Richard Thaler Will Spend His $1 Million Nobel Prize “Irrationally”
How would you spend $1 million dollars? I’m sure all of us have thought about it at least once. We keep saying that when we win the lottery, we will buy this, get that. In most cases, it never happens, but a few lucky people can actually make those plans come true.
Of course, there wasn’t much luck involved when Richard Thaler received his $1 million to spend. It had a lot more to do with real talent, enthusiasm, and innovation. Thaler won the Nobel Prize on Monday, and as it should be, the money came with it, not just the ‘fame’.
Thaler’s work and philosophy might just be one of the most important ones of modern society. His field of expertise is behavioural economics, which isn’t even considered to be an exact science by some. And yet, it exists, and is essential to understand how people think.
Thaler combines his knowledge of psychology and economics, thus creating a “more realistic analysis of how people think and behave when making economic decisions.”
Probably the only question left is what he will use his prize money on. When asked, he said that he “will try to spend it as irrationally as possible.” Well, not sure what that means in science circles, especially since it will probably go towards his research. Congratulations on his achievements, and let’s ask the cards how this will effect his future research.
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