Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the ...

As the column’s name suggests, Thaler set out to challenge standard economic thinking by testing economic anomalies—in other words, what happens when our irrational, some might say human, selves are ...

Behavioral economics combines information about human behavior and outcomes with more standard methods of economic analysis. Behavioral economics has been applied in various contexts such as ...

Behavioral economics helps investors understand irrational market behaviors and customer choices. Examples of behavioral economic theories include loss aversion and sunk-cost fallacy. Recognizing ...

Ever bought a monthly gym membership thinking it would make you go more often? Or chosen a health insurance policy with a lower deductible, even though the premium was much higher? You’re not alone – ...

Learn how Nobel Laureate Daniel Kahneman's work in behavioral economics revolutionized the understanding of human ...

The late Princeton University psychologist Daniel Kahneman changed our understanding of how we make decisions, especially financial ones, proving that we are far more irrational than we think.

Clinicians who engage patients and family members in shared decision-making know that people don’t always make healthcare decisions based on what is rational. The irrationality of healthcare decisions ...

Richard Thaler, the University of Chicago professor who just won the Nobel Memorial Prize in Economic Sciences, inspired scholars across different disciplines and fundamentally changed the way we ...