This weekend is a big one for behavioral economics. This morning, Richard Thaler, laureate of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017, has presented his prize lecture “From Cashews to Nudges: The Evolution of Behavioral Economics” in The Royal Swedish Academy of Sciences.
And this Sunday will be the Nobel Prize Award Ceremony, Prof. Thaler will finally receive his well-deserved Nobel prize.
Thanks to everyone who came and many thanks for the very warm welcome at the end. Truly touched. https://t.co/aXMax86gDS
— Richard H Thaler (@R_Thaler) December 8, 2017
To celebrate this occasion, I am honored to share with you my interview with two of the best co-authors of Prof. Thaler — Hersh Shefrin and Shlomo Benartzi.
Q6
And after almost 30 years since you have been working on this model, is there still any mystery on this topic that you wish you have spent more time to research on it?
Shefrin: Oh, there is still work to be done. The model proposes a neurologically-based theory of how people enforce habits internally. In addition, Thaler and I began work on a model that integrated mental accounting, self-control, and consumer theory. We left that work unfinished, and it would be nice to go back and complete it.
