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Thaler, Richard H. 1945-

Works: 121 works in 394 publications in 6 languages and 6,510 library holdings
Genres: Miscellanea 
Roles: Editor, Honoree
Classifications: HB74.P8, 330.019
Publication Timeline
Publications about Richard H Thaler
Publications by Richard H Thaler
Most widely held works by Richard H Thaler
Nudge : improving decisions about health, wealth, and happiness by Richard H Thaler( Book )
41 editions published between 2008 and 2014 in English and held by 2,934 libraries worldwide
"A Caravan book"--T.p. verso
The winner's curse : paradoxes and anomalies of economic life by Richard H Thaler( Book )
23 editions published between 1992 and 1994 in English and held by 995 libraries worldwide
Advances in behavioral finance ( Book )
22 editions published between 1993 and 2005 in 3 languages and held by 468 libraries worldwide
More than just an assembly of exceptions to mainline theory, these papers illustrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena
Quasi rational economics by Richard H Thaler( Book )
11 editions published between 1991 and 1994 in English and Undetermined and held by 450 libraries worldwide
Nudge improving decisions about health, wealth, and happiness by Richard H Thaler( Sound Recording )
10 editions published between 2008 and 2014 in English and held by 270 libraries worldwide
Thaler and Sunstein offer a groundbreaking discussion of how to apply the science of choice to nudge people toward decisions that can improve their lives without restricting their freedom of choice
Advances in behavioral finance ( Book )
10 editions published in 2005 in English and held by 138 libraries worldwide
"This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance." "Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance - of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life"--P. 4 of cover
Nudge wie man kluge Entscheidungen anstösst by Richard H Thaler( Book )
8 editions published between 2008 and 2013 in German and English and held by 87 libraries worldwide
Nudge - so heißt die Formel, mit der man andere dazu bewegt, die richtigen Entscheidungen zu treffen. Denn Menschen verhalten sich von Natur aus nicht rational. Nur mit einer Portion List können sie dazu gebracht werden, vernünftig zu handeln. Aber wie schafft man das, ohne sie zu bevormunden? Wie erreicht man zum Beispiel, dass sie sich um ihre Altervorsorge kümmern, umweltbewusst leben oder sich gesund ernähren? Darauf gibt Nudge die Antwort
Behavioral economics by Sendhil Mullainathan( Book )
13 editions published in 2000 in English and held by 80 libraries worldwide
Abstract: Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect agents survive and influence market outcomes. We then discuss three important ways in which humans deviate from the standard economic model. Bounded rationality reflects the limited cognitive abilities that constrain human problem solving. Bounded willpower captures the fact that people sometimes make choices that are not in their long-run interest. Bounded self-interest incorporates the comforting fact that humans are often willing to sacrifice their own interests to help others. We then illustrate how these concepts can be applied in two settings: finance and savings. Financial markets have greater arbitrage opportunities than other markets, so behavioral factors might be thought to be less important here, but we show that even here the limits of arbitrage create anomalies that the psychology of decision making helps explain. Since saving for retirement requires both complex calculations and willpower, behavioral factors are essential elements of any complete descriptive theory
Price reactions to dividend initiations and omissions : overreaction or drift? by Roni Michaely( Book )
13 editions published between 1994 and 2001 in English and held by 77 libraries worldwide
Abstract: Initiations and omissions of dividend payments are important changes in corporate financial policy. This paper investigates the market reaction to such changes in terms of prices, volume, and changes in clientele. Consistent with the prior literature we find that short run price reactions to omissions are greater than for initiations (-7.0% vs. +3.4% three day return). However, we show that, when we control for the change in the magnitude of dividend yield (which is larger for omissions), the asymmetry shrinks or disappears, depending on the specification. In the 12 months after the announcement (excluding the event calendar month), there is a significant positive market-adjusted return for firms initiating dividends of +7.5% and a significant negative market-adjusted return for firms omitting dividends of -11.0%. However, the post dividend omission drift is distinct from and more pronounced than that following earnings surprises. A trading rule employing both samples (long in initiation stocks and short in omission stocks) earns positive returns in 22 out of 25 years. Although these changes in dividend policy might be expected to produce shifts in clientele, we find little evidence for such a shift. Volume increases, but only slightly and briefly, and there are no important changes in institutional ownership
Financial decision-making in markets and firms : a behavioral perspective by Werner Franciscus Marcel De Bondt( Book )
12 editions published in 1994 in English and held by 77 libraries worldwide
Abstract: In its attempt to model financial markets and the behavior of firms, modern finance theory starts from a set of normatively appealing axioms about individual behavior. Specifically, people are said to be risk-averse expected utility maximizers and unbiased Bayesian forecasters, i.e., agents make rational choices based on rational expectations. The rational paradigm may be criticized, however, because (1) the assumptions are descriptively false and incomplete, and (2) the theory often lacks predictive power. One way to make progress is to characterize actual decision- making behavior. Efforts along these lines are made by behavioral economists and psychologists. This paper provides a selective review of recent work in behavioral finance. First, we ask why economists should be concerned with the psychology of decision-making. Next, we discuss a series of key behavioral concepts, e.g., people's well-known tendencies to give too much weight to vivid information and to show excessive self-confidence. The body of the paper illustrates the relevance of these concepts to important topics in investment theory and corporate finance. In each case, behavioral finance offers a new perspective on results that are anomalous within the standard approach
Can the market add and subtract? : mispricing in tech stock carve-outs by Owen A Lamont( Book )
13 editions published in 2001 in English and held by 71 libraries worldwide
Abstract: Recent equity carve-outs in US technology stocks appear to violate a basic premise of financial theory: identical assets have identical prices. In our 1998-2000 sample, holders of a share of company A are expected to receive x shares of company B, but the price of A is less than x times the price of B. A prominent example involves 3Com and Palm. Arbitrage does not eliminate these blatant mispricing due to short sale constraints, so that B is overpriced but expensive or impossible to sell short. Evidence from options prices shows that shorting costs are extremely high, eliminating exploitable arbitrage opportunities
A survey of behavioral finance by Nicholas Barberis( Book )
11 editions published between 2002 and 2003 in English and Italian and held by 69 libraries worldwide
Abstract: Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance. We close by assessing progress in the field and speculating about its future course
Individual preferences, monetary gambles and the equity premium by Nicholas Barberis( Book )
10 editions published between 2002 and 2003 in English and held by 66 libraries worldwide
Abstract: We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously realized. To demonstrate this, we present evidence on typical attitudes to independent monetary gambles with both large and small stakes and show that across a wide range of utility functions, including all expected utility and many non-expected utility specifications, the only ones that can easily capture these attitudes are precisely those exhibiting narrow framing. Our analysis also makes predictions about the kinds of preferences that might be able to address the stock market participation and equity premium puzzles. We illustrate these predictions in simple portfolio choice and equilibrium settings
Un pequeño empujón (Nudge) : el impulso que necesitas para tomar mejores decisiones sobre salud, dinero y felicidad by Richard H Thaler( Book )
3 editions published in 2009 in Spanish and held by 64 libraries worldwide
Myopic loss aversion and the equity premium puzzle by Shlomo Benartzi( Book )
13 editions published between 1993 and 2001 in English and held by 63 libraries worldwide
Abstract: The equity premium puzzle, first documented by Mehra and Prescott, refers to the empirical fact that stocks have greatly outperformed bonds over the last century. As Mehra and Prescott point out, it appears difficult to explain the magnitude of the equity premium within the usual economics paradigm because the level of risk aversion necessary to justify such a large premium is implausibly large. We offer a new explanation based on Kahneman and Tversky's 'prospect theory'. The explanation has two components. First, investors are assumed to be 'loss averse' meaning they are distinctly more sensitive to losses than to gains. Second, investors are assumed to evaluate their portfolios frequently, even if they have long-term investment goals such as saving for retirement or managing a pension plan. We dub this combination 'myopic loss aversion'. Using simulations we find that the size of the equity premium is consistent with the previously estimated parameters of prospect theory if investors evaluate their portfolios annually. That is, investors appear to choose portfolios as if they were operating with a time horizon of about one year. The same approach is then used to study the size effect. Preliminary results suggest that myopic loss aversion may also have some explanatory power for this anomaly
Overconfidence vs. market efficiency in the National Football League by Cade Massey( file )
8 editions published in 2005 in English and held by 60 libraries worldwide
"A question of increasing interest to researchers in a variety of fields is whether the incentives and experience present in many "real world" settings mitigate judgment and decision-making biases. To investigate this question, we analyze the decision making of National Football League teams during their annual player draft. This is a domain in which incentives are exceedingly high and the opportunities for learning rich. It is also a domain in which multiple psychological factors suggest teams may overvalue the "right to choose" in the draft -- non-regressive predictions, overconfidence, the winner's curse and false consensus all suggest a bias in this direction. Using archival data on draft-day trades, player performance and compensation, we compare the market value of draft picks with the historical value of drafted players. We find that top draft picks are overvalued in a manner that is inconsistent with rational expectations and efficient markets and consistent with psychological research"--National Bureau of Economic Research web site
Investor sentiment and the closed-end fund puzzle by Charles M. C Lee( Book )
10 editions published between 1989 and 1993 in English and held by 50 libraries worldwide
This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts on the funds fluctuate together with prices of securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that discounts on closed end funds narrow when small stocks do well, as would be expected if closed end funds were subject to the same sentiment as small stocks, whim tern. also to be held by individual investors. The evidence thus suggests that investor sentiment affects security returns
Tui li : jue ding ni de jian kang,cai fu yu kuai le by Richard H Thaler( Book )
3 editions published in 2009 in Chinese and held by 30 libraries worldwide
Nudge : naar betere beslissingen over gezondheid, geluk en welvaart by Richard H Thaler( Book )
1 edition published in 2009 in Dutch and held by 29 libraries worldwide
Voorlichtingsdeskundige studie over de wijze waarop het grote publiek kan worden gebracht tot het maken van betere en meer verantwoorde keuzes op allerlei gebied
Advances in behavioral finance ( Book )
4 editions published between 1993 and 2005 in English and held by 26 libraries worldwide
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Alternative Names
Thaler, Richard.
Thaler, Richard 1945-
セイラー, リチャード・H
English (221)
German (7)
Spanish (4)
Chinese (3)
Italian (1)
Dutch (1)
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