Richard H. Thaler

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Richard H. Thaler
RichardHThayer.jpeg
Born September 12, 1945
East Orange, New Jersey
Nationality American
Alma mater University of Rochester
Occupation Academic, author, principal director
Years active Since 1974
Employer Fuller & Thaler Asset Management, Inc.
Organization University of Chicago
Notable work The Winner's Curse
Board member of Principal and board member of Fuller & Thaler Asset Management, Inc.
Awards The 2017 Sveriges Riksbank Prize in Economic Sciences, The 2012 Nicholas Molodovsky Award
Website Richard Thaler at Chicago Booth

Richard H. Thaler is Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago. Thaler's main interest of study is in the field of behavioral finance. In 2012 Thaler was awarded the Nicholas Molodovsky Award from the CFA Institute in recognition of his contributions to the investing profession.[1] In 2017 Thaler was awarded The Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel.[2] He is also an author.

In 1993 Thaler founded an investment management firm, Fuller & Thaler Asset Management, Inc., predicated on using insights from behavior finance for uncovering mispriced securities.[3]

Papers

Thaler is the author of the following most cited papers,[4] ranked from most to least cited.

Year Study
2003 A Survey of Behavioral Finance[5]
1993 Myopic Loss Aversion and the Equity Premium Puzzle[6]
1977 An Economic Theory of Self-Control[7]
1994 Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?[8]
2001 Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs[9]
2001 Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice[10]
1991 Window Dressing by Pension Fund Managers[11]
2007 Heuristics and Biases in Retirement Savings Behavior[12]

Books

Thaler is the author of six books. His first book, The Winner's Curse: Paradoxes and Anomalies of Economic Life, [13] brings insights from behavioral finance to a general audience.

List of books

  • Thaler, Richard H. (1992). The Winner's Curse: Paradoxes and Anomalies of Economic Life. Princeton: Princeton University Press. ISBN 0-691-01934-7.
  • Thaler, Richard H. (1993). Advances in Behavioral Finance. New York: Russell Sage Foundation. ISBN 0-87154-844-5.
  • Thaler, Richard H. (1994). Quasi Rational Economics. New York: Russell Sage Foundation. ISBN 0-87154-847-.
  • Thaler, Richard H. (2005). Advances in Behavioral Finance, Volume II (Roundtable Series in Behavioral Economics). Princeton: Princeton University Press. ISBN 0-691-12175-3.
  • Thaler, Richard H.; Sunstein, Cass (2009). Nudge: Improving Decisions About Health, Wealth, and Happiness. New York: Penguin. ISBN 0-14-311526-X.
  • Thaler, Richard H. (2015). Misbehaving: The Making of Behavioral Economics. New York: W. W. Norton & Company. ISBN 978-0-393-08094-0.

See also

References

  1. "Richard Thaler Wins 2012 Nicholas Molodovsky Award". http://www.chicagobooth.edu/about/newsroom/press-releases/2012/2012-05-17. Retrieved December 24, 2015.
  2. Binyamin Appelbaum. "Nobel in Economics Is Awarded to Richard Thaler". New York Times. https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html. Retrieved October 9, 2017.
  3. Fuller & Thaler Asset Management, Inc., official site
  4. "SSRN author page". http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=74929#reg. Retrieved December 24, 2015.
  5. Barberis, Nicholas; Thaler, Richard (2003). A Survey of Behavioral Finance. Handbook of the Economics of Finance: Elsevier. pp. 1053-1128. https://scholar.google.com/citations?view_op=view_citation&hl=en&user=mQHCuRgAAAAJ&cstart=100&pagesize=100&sortby=pubdate&citation_for_view=mQHCuRgAAAAJ:zYLM7Y9cAGgC.
  6. Benartzi, Shlomo; Thaler, Richard H. (1993). Myopic Loss Aversion and the Equity Premium Puzzle. NBER. http://www.nber.org/papers/w4369.
  7. Shefrin, Hersh M.; Thaler, Richard H. (1977). An Economic Theory of Self-Control. NBER. http://www.nber.org/papers/w0208.
  8. Michaely, Roni; Thaler, Richard H.; Womack, Kent (1994). Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?. NBER. http://www.nber.org/papers/w4778.
  9. Lamont, Owen; Thaler, Richard H.; Womack, Kent (2001). Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs. NBER. http://www.nber.org/papers/w8302.
  10. Thaler, Richard H.; Johnson, Eric J. (2001). Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Management Science: INFORMS. pp. 643-660. https://scholar.google.com/citations?view_op=view_citation&hl=en&user=mQHCuRgAAAAJ&cstart=200&pagesize=100&sortby=pubdate&citation_for_view=mQHCuRgAAAAJ:ufrVoPGSRksC.
  11. Lakonishok, Josef; Shleifer, Andrei; Thaler, Richard H.; Vishny, Robert. Window Dressing by Pension Fund Managers. NBER. http://www.nber.org/papers/w3617.
  12. Benartzi, Shlomo; Thaler, Richard H. (2007). Heuristics and Biases in Retirement Savings Behavior. Journal of Economic Perspectives: American Economic Association. pp. 81-104. https://scholar.google.com/citations?view_op=view_citation&hl=en&user=mQHCuRgAAAAJ&cstart=20&pagesize=80&sortby=pubdate&citation_for_view=mQHCuRgAAAAJ:e5wmG9Sq2KIC.
  13. Thaler, Richard H. (1992). The Winner's Curse: Paradoxes and Anomalies of Economic Life. Princeton: Princeton University Press. ISBN 0-691-01934-7.

External links