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October 10 2017

Prof. Richard H. Thaler Awarded the Nobel Memorial Prize in Economic Sciences

Prof. Richard H. Thaler was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to behavioural economics. Prof. Thaler is the author of a best-selling book, Nudgeabout helping people to make better decisions. He has advanced the understanding of behavioural economics in many ways.

At FEEM, behavioural economics is used to assess the behavioural elements which affect the decisions of individuals, corporations and institutions in the realm of environmental choices. The aim of this area is to apply the insights developed in behavioural economics and social psychology to provide a more complete understanding of how environmental policies are developed. Research uses experimental methods based on randomization which allow establishing the causal relations between behavioural factors and environmental outcomes. For two examples of projects applying behvaioural economics to the environment, see PENNY and COBHAM.

Behavior is also one of the main research interests of Prof. Elke U. Weber, one of the members of the new Scientific Advisory Board of FEEM. Prof. Weber is the Jerome A. Chazen Professor of International Business at Columbia Business School and Professor of Psychology and Earth Institute Professor at Columbia University. Working at the intersection of psychology and economics, Prof. Weber is an expert on behavioral models of judgment and decision making under risk and uncertainty. She investigates psychologically and neurally plausible ways to model individual differences in risk taking and discounting, specifically in risky financial situations and environmental decisions.

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