The 2017 Nobel Winner's Work in Behavioral Economics

The video discusses the contributions of key figures in behavioral economics, such as Danny Kahneman, Bob Shiller, and Richard Thaler. It highlights Thaler's role in making behavioral economics respectable and his influence on political policies, particularly through the concept of 'nudging' in retirement programs. The video also explores how behavioral economics has impacted market operations, challenging the traditional view of perfectly efficient markets by considering emotions and biases in decision-making.

What impact did Thaler's research have on how people make decisions?

In what ways does behavioral economics influence market operations according to the text?