Vita

Office Address

Personal Data

Born: September 12, 1945
East Orange, New Jersey

Education

Ph.D. University of Rochester, 1974
M.A. University of Rochester, 1970
B.A. Case Western Reserve University, 1967

Dissertation Title: "The Value of Saving A Life: A Market Estimate" (Supervisor: Sherwin Rosen)

Current Positions (Since July 1995)

Robert P. Gwinn Professor of Behavioral Science and Economics, and Director of the Center for Decision Research, Graduate School of Business, University of Chicago.

Research Associate, National Bureau of Economic Research (co-director -with Robert Shiller- of the Behavioral Economics Project, funded by the Russell Sage Foundation)

Honors Member, American Academy of Arts and Sciences
PhD Honoris Causa, Case Western University 2003

Prior Employment History

January 1998-June 1998 ......................................................Fellow, Center for Advnanced Study in the Behavioral Sciences, Stanford California
January 1988-June 1995 ......................................................Henrietta Johnson Louis Professor of Economics, Johnson Graduate School of Management, Cornell University and Director, Center for Behavioral Economics and Decision Research

September 1994-June 1995................................................... Visiting Professor, Sloan School of Management, MIT

January 1993-July 1993 ........................................................Visiting Scholar, Sloan School of Management, MIT

September 1991-July 1992 ...................................................Visiting Scholar, Russell Sage Foundation, New York, NY

July 1986 - January 1988 ......................................................Professor of Economics, Johnson Graduate School of Management.

August 1984 - 1985 .............................................................Visiting Associate Professor, Policy Division, Faculty of Commerce and Business Administration, The University of British Columbia.

July 1980 - July 1986 ...........................................................Associate Professor, Johnson Graduate School of Management, Cornell University.

September 1978 - June 1980 ...............................................Assistant Professor of Economics and Public Administration, Graduate School of Business and Public Administration, Cornell University.

June 1977 - August 1978 ....................................................Visiting Scholar, National Bureau of Economic Research - West, Stanford, California.

Summer 1975........................................................................ Research Economist, Public Research Institute, Center for Naval Analyses, Arlington, Virginia.

September 1974 - June 1978 ...............................................Assistant Professor, Graduate School of Management, University of Rochester.

July 1972 - June 1975........................................................... Program Associate, Rochester-Monroe County Criminal Justice Pilot City Program,University of Rochester.

September 1971 - June 1974 ..................................................Instructor, Graduate School of Management, University of Rochester.

Administrative Assignments
1995-present ........................................................................Director, Center for Decision Research, University of Chicago

1992-present ........................................................................Co-director (with Robert Shiller) of NBER project on Behavioral Economics

1989 - 1995 ..........................................................................Director, Center for Behavioral Economics and Decision Research, Cornell.

1981 - 1983: ........................................................................Associate Director of Cornell's Center for the Study of American Political Economy.

1980 - 1981: .........................................................................Chairman, Policy Committee (Dean's Faculty Advisory Committee).
1975 - 1977: .......................................................................Chairman of Ph.D. Committee (Director of Doctoral Program), Graduate School of Management, University of Rochester.
1974 - 1977: ........................................................................Co-ordinator of MBA Program for non-profit sector, Graduate School of Management, University of Rochester.

Research Grants

1993- 1995 ...............National Science Foundation, Economcis and DRMS, "Myopic Loss Aversion"

1992-present............. Russell Sage Foundation grant to NBER to fund a series of meetings on topics in behavior economics. Joint with Robert Shiller

1985 - 1992 ............."Continued Research in Psychology and Economics," Alfred P. Sloan Foundation and Russell Sage Foundation.

1984 - 1985: ............"Research in Psychology and Economics," (Sabbatic leave funding) Alfred P. Sloan Foundation.

1983- 1984.............. "Descriptive Choice Models," U.S. Department of the Navy.

1976 - 1977:.............. Principal Investigator for grant from ASPER, Department of Labor, "An Equalizing Difference Model of Employment."

Other Professional Activities

Associate Editor: Journal of Accounting, Auditing, and Finance; Journal of Business, Journal of Behavioral Decision Making; Journal of Risk and Uncertainty; Quarterly Journal of Economics.
National Association Assignments: American Economics Association: Member of Nominating Committee, 1983. National Research Council: Ten Year Outlook on Opportunities in the Behavioral Sciences, member of the working group on information and decision making. National Academy of Science: Member of a committee (chaired by Herbert Simon) to prepare a report to the President's science advisor on research opportunities in decision making and problem solving.

Publications

Books:

Thaler, Richard H., Quasi-Rational Economics . New York: Russell Sage Foundation, 1991. Thaler, Richard H., The Winner's Curse: Paradoxes and Anomalies of Economic Life. New York: Free c Press, 1991.
Thaler, Richard H., ed. Advances in Behavioral Finance . New York: Russell Sage Foundation, 1993. Thaler, Richard H., Sunstein, Cass R., Nudge: Improving Decisions on Health, Wealth, and Happiness. New Haven, CT: Yale University Press, 2008.

Published Papers

Rosen, Sherwin and Richard H. Thaler."The Value of Saving A Life: Evidence From The Labor Market," In Household Production and Consumption, edited by Nester Terleckyj. National Bureau of Economic Research, (1975): 265-298.

Lasky, Jeffrey and Richard H. Thaler. "Design Requirements for Criminal Justice Research and Resource Management/Planning Systems." In Proceedings of the Second International Symposium of Criminal Justice Information and Statistics Systems. 1976.

Thaler, Richard H., "On Optimal Speed Limits." In Auto Safety Regulation: The Cure or the Problem? edited by Henry Manne and Roger Miller. 1976.

Rosen, Sherwin and Richard H. Thaler. "Some Results of Research on the Value of Saving Lives." In Proceedings of a Workshop on the Measure of Intangible Environmental Impacts. Electric Power Institute, 1977.

Thaler, Richard H., "An Econometric Analysis of Property Crime: Interaction Between Police and Criminals." Journal of Public Economics; 8(1) (1977): 37-51.

Thaler, Richard H. "A Note on the Value of Crime Control: Evidence from the Property Market." Journal of Urban Economics, 5 (1978): 137-145.
Mayers, David and Richard H. Thaler, "Sticky Wages and Implicit Contracts: A Transactional Approach." Economic Inquiry October 17(4) (1979): 559-574.

Thaler, Richard H., "Discounting with Fiscal Constraints: Why Discounting is Always Right." Defense Management Journal October 15 (1979): 2.

Thaler, Richard H., "Toward A Positive Theory of Consumer Choice." Journal of Economic Behavior and Organization, 1 (1980): 39-60. Reprinted edition. Edited by Breit and Hochman. (1985).


Shefrin, H.M. and Richard H. Thaler, "Interpreting a Rationality in Hierarchical Games." Economic Letters. (1980).

Thaler, Richard H., "Judgment and Decision Making Under Uncertainty: What Economists Can Learn from Psychology." Risk Analysis in Agriculture: Research and Educational Developments. Presented at a seminar sponsored by the Western Regional Research Project W-149, Tucson, Arizona, June 1980.

Shefrin, H. M. and Richard H. Thaler, "An Economic Theory of Self-Control." Journal of Political Economy April, 89(2) (1981): 392-406.

Thaler, Richard H., "Maximization and Self-Control," a commentary on "Maximization Theory in Behavioral Psychology," by Rachlin, Battalio, Kagel and Green, in The Behavioral and Brain Sciences, 1981.

Thaler, Richard H., "Some Empirical Evidence on Dynamic Inconsistency." Economic Letters 8 (1981): 201-207.

Gould, William and Richard H. Thaler, "Public Policy Toward Life Saving: Should Consumer Preferences Rule?" Journal of Policy Analysis and Management. (1982).

Thaler, Richard H., "Precommitment and the Value of a Life." In TheValue of Life and Safety. Edited by Michael Jones-Lee. North-Holland Press. 1982.

Thaler, Richard H., "Transaction Utility Theory." Paper presented during the proceedings of the Association for Consumer Research Conference, San Francisco, 1983.

Thaler, Richard H., "Illusions, Mirages, and Public Policy." Public Interest Fall. (1983).

Thaler, Richard H., "Illusions, Mirages, and Public Policy." In Judgment and Decision Making: An Interdisciplinary Reader. Edited by Hal Arkes and Kenneth Hammond.. Cambridge University Press, 1986.


Thaler, Richard H., "Illusions, Mirages, and Public Policy." In Environmental Impact, Assessment, Technology Assessment and Risk Analysis. Edited by V.T. Covello et al. NATO ASI Series, 1983.

Thaler, Richard H. and Kathy Utgoff. "An Economic Analysis of Multiyear Procurement." In Operations Research in Cost Analysis. Edited by Gerald R. McNichols. Operations Research Society of America, 1984.

Thaler, Richard H., "Mental Accounting and Consumer Choice." Marketing Science. 4 (1985): 1999-214.

De Bondt, Werner F.M. and Richard H. Thaler,"Does the Stock Market Overreact?" Journal of Finance, 40 (1985): 793-805.

Russell, Thomas and Richard H. Thaler, "The Relevance of Quasi Rationality in Competitive Markets." American Economic Review 75 (1985): 1071-1082. (Reprinted and corrected version from Quasi Rational Economics)

Kahneman, Daniel, Jack Knetsch and Richard H. Thaler."Fairness and the Assumptions of Economics," Journal of Business 59(4) . (1986): S285-300.

Thaler, Richard H., "The Psychology and Economics Conference Handbook: Commentary on papers by H. Simon, H. Einhorn and R. Hogarth, and A. Tversky and D. Kahneman." Journal of Business. (1986).

Kahneman, Daniel, Jack Knetsch and Richard H. Thaler. "Fairness as a Constraint on Profit-Seeking: Entitlements in the Market" American Economic Review 76(4), (1986): 728-741.

De Bondt, Werner F.M. and Richard H. Thaler, "Further Evidence on Investor Overreaction and Stock Market Seasonality" Journal of Finance 42, (1987): 557-581.

Thaler, Richard H., "The Psychology of Choice and the Assumptions of Economics." In Laboratory Experiments in Economics: Six Points of View. Edited by Alvin Roth. Cambridge University Press, 1987.

Shefrin, H.M. and Richard H. Thaler, "The Behavioral Life-Cycle Hypothesis." Economic Inquiry 26(4), (1988): 609-643.

Thaler, Richard H. and Eric Johnson, "Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes in Risky Choice." Management Science 36(6), (1990): 643-660.

De Bondt, Werner F.M. and Richard H. Thaler, "Do Security Analysts Overreact?" American Economic Review 80(2), (1990): 52-57.

Kahneman, Daniel, Jack Knetsch and Richard H. Thaler, "Experimental Tests of the Endowment Effect and the Coase Theorem" Journal of Political Economy 98(6), (1990): 1325-1348.

Kahneman, Daniel, Jack Knetsch and Richard H. Thaler , "Experimental Tests of the Endowment Effect and the C oase Theorem" In Recent Developments in Experimental Economics. Edited by John Hey and Graham Loomes. 1992.

Lee, Charles, Andrei Schleifer and Richard H. Thaler, "Investor Sentiment and the Closed-end Fund Puzzle." Journal of Finance 46, (1991): 75-109.

Kahneman, Daniel and Richard H. Thaler, "Economic Analysis and the Psychology of Utility: Applications to Compensation Policy." American Economic Review 81 (1991): 341-346.

Lakonishok, Josef, Andrei Schleifer, Richard H. Thaler and Robert Vishny. "Window Dressing by Pension Fund Managers." American Economic Review 81 (1991): 227-231.

Thaler, Richard H., "How to Get Real People to Save." In Personal Savings, Consumption, and Tax Policy. Edited by Marvin Kosters.Washington D.C.: American Enterprise Institute, 1992.

Thaler, Richard H., "Saving and Mental Accounting." In Choices over Time. George Loewenstein and Jon Elster. New York: Russell Sage Foundation, 1992.

Chopra, N., C. Lee, Andrei Shleifer and Richard H. Thaler, "Yes, Discounts on Closed-End Funds Are a Sentiment Index."Journal of Finance 48, (1993): 801-808.

Chopra, N., C. Lee, Andrei Shleifer and Richard H. Thaler, "Summing Up." Journal of Finance 48, (1993):811-812.

Thaler, Richard H., "Psychology and Savings Policies." American Economic Review 84(2), (1994): 186-192.

Thaler, Richard H. and J. Peter Williamson, "College and University Endowment Funds,: Why Not 100% Equities." Journal of Portfolio Management 21(1), (1994): 27-37.

De Bondt, Werner F.M. and Richard H. Thaler, "Financial Decision Making in Markets and Firms" In Finance. Edited by R. Jarrow, V Maksimovic, and W. T. Ziemba. Elsevier-North Holland: Series of Handbooks in Operations Research and Management Science, 1995.

Bernartzi, Shlomo and Richard H. Thaler, "Myopic Loss Aversion and the Equity Premium Puzzle." Quarterly Journal of Economics CX, (1995): 73-92.

Michaely, Roni, Richard H. Thaler and Kent Womack, "Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?" Journal of Finance 50(2), (1995): 573-608.

Thaler, Richard H., "How to Evaluate Savings Programs: Discussion of Papke, Peterson and Poterba." In Papers in the Economics of Aging. Edited by David A. Wise. Chicago: University of Chicago Press, 1995.

Thaler, Richard H., "Doing Economics without Homo Economicus." In Exploring the Foundations of Research in Economics: How Should Economists Do Economics? Edited by Steven G. Medema and Warren J. Samuels. 1996.

Thaler, Richard H., "Irving Fisher: Modern Behavioral Economist." American Economic Review 87(2), (1997):439-441.

Kahneman, Daniel, Alan Schwartz, Richard H. Thaler and Amos Tversky , "The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test." Quarterly Journal of Economics 112(2), (1997):647-661.

Camerer, Colin, Linda Babcock, George Loewenstein and Richard H. Thaler. "Labor Supply of New York City Cab Drivers: One Day at a Time." Quarterly Journal of Economics 112(2), (1997): 407-441.

Bernartzi, Shlomo, Roni Michaely and Richard H. Thaler. "Do Changes in Dividends Signal the Future or the Past?" Journal of Finance 52(3), (1997): 1007-1033.

Thaler, Richard H., Amos Tversky and Peter Wakker. "Probabilistic Insurance." Journal of Risk and Uncertainty 15(1), (1997): 7-28.

Canina, Linda Roni Michaely, Richard H. Thaler and Kent Womack. "Caveat Compounder: A Warning about Using the CRSP Equally Weighted Index to Compute Long-Run Excess Returns." Journal of Finance 53, (1998):403-416.

Jolls, Christine, Cass Sunstein and Richard H. Thaler. "A Behavioral Appoach to Law and Economics." Stanford Law Review 50, (1998): 1471-1450.

Jolls, Christine, Cass Sunstein and Richard H. Thaler. "Theories and Tropes: A Reply to Posner and Kelman." Stanford Law Review 50, (1998): 1593-1608.

Thaler, Richard H., "Giving Markets a Human Dimension." In The Complete Finance Companion , 1998.
Thaler, Richard H., "Giving Markets a Human Dimension." Financial Times section Mastering Finance, June 16th, 6.

Thaler, Richard H., "Anomalies." Journal of Economic Perspectives 15(1). Bernartzi, Shlomo and Richard H. Thaler. "Risk Aversion or Myopia? Choices in Repeated Gambles and Retirement Investment." Management Science 45, (1999): 364-381.

Thaler, Richard H. "Mental Accountng Matters." Journal of Behavioral Decision Making 12(3), (1999): 183-: 206.

Thaler, Richard H., "The End of Behavioral Finance." Financial Analysts Journal 56(6), (1999): 12-17.
Thaler, Richard H., "From Homo Economicus to Homo Sapiens." Journal of Economics Perspectives 14, (2000):133-141.

Bernartzi, Shlomo and Richard H. Thaler. "Naive Diversification in Defined Contribution Savings Plans." American Economics Review 91(1), (2001): 79-98.

Knetsch, Jack, Fang-Fang Tang and Richard H. Thaler. "The Endowment Effect and Repeated Market Trials: Is the Vickrey Auction Demand Revealing?" Experimental Economics 4(3), (2002): 257-269.

Bernartzi, Shlomo and Richard H. Thaler, "How Much is Investor Autonomy Worth?" Journal of Finance 57, (2002): 1593-1616.

Lamont, Owen and Richard H. Thaler, "Can the Stock Market Add and Subtract? Mispricing in Tech Stock

Carve-Outs." Journal of Political Economy 111(2), (2003): 227-268.

Sunstein, Cass and Richard H. Thaler, "Libertarian Paternalism is Not an Oxymoron." University of Chicago Law Review 70 (4), (2003): 1159-1202.

Sunstein, Cass and Richard H. Thaler, "Libertarian Paternalism." The American Economics Review 93 (2), (2003): 175-179.



Richard H. Thaler and Shlomo Bernartzi "Save More Tomorrow: Using Behavorial Economics in Increase Employee Savings." Journal of Political Economy 112(1), (2004): S164-S187.

Cronqvist, Henrik and Richard H. Thaler,"Design Choices in Privatized Social-Security Systems: Learning from the Swedish Experience" The American Economics Review 94 (2), (2004): 424-428.

Sunstein, Cass and Richard H. Thaler, "Market Efficiency and Rationality: The Peculiar Case of Baseball" Michigan Law Review 102 (6):1390-1403.

Thaler, Richard H. and Sendhil Mullainathan. “Behavioral Economics.” In International Encyclopedia of the Social and Behavioral Sciences, Neil Smelser and Paul Bates, Editors. (2001).

Grullon, Gustavo, Michaely, Roni, Benartzi, Shlomo, and Thaler, Richard H. "Dividend Changes Do Not Signal Changes in Future Profitability," Journal of Business, University of Chicago Press, vol. 78 (5), (2005): 1659-1682.

Barberis, Nicholas, Huang, Ming and Thaler, Richard H., “Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing” American Economic Review 96 (4), (2006): 694-712.

Shafir, Eldar and Thaler, Richard H., "Invest now, drink later, spend never: On the mental accounting of delayed consumption," Journal of Economic Psychology, Elsevier 27 (5), (2006): 694-712.

Benartzi, Shlomo, Utkus, Stephen P & Sunstein, Cass R, and Thaler, Richard H., "The Law and Economics of Company Stock in 401(k) Plans" Journal of Law & Economics 50 (1), (2007): 45-79.

Bernartzi, Shlomo, and Thaler, Richard H., “Heuristics and Biases in Retirement Savings Behavior” Journal of Economic Perspectives 21 (3), (2007): 81-104.

"Anomalies" Articles Published in the Journal of Economic Perspectives

First Series:

1. Thaler, Richard H. "Seasonal Movements in Security Prices I: The January Effect." Journal of Economics: Perspective 1(1), (1987): 197-201.

2. Thaler, Richard H. "Seasonal Movements in Security Prices II: Weekends, Holidays, Turn of the Month and: Intra-day Effects." Journal of Economic Perspectives 1(2), (1987):169-177.

3. Thaler, Richard H. "The Winners Curse." Journal of Economic Perspectives 2(1), (1988):191-202.

4. Thaler, Richard and William Ziemba. "Parimutual Betting Markets: Racetracks and Lotteries." Journal of: Economic Perspectives 2(2), (1988):161-174.

5. Dawes, Robyn and Richard H. Thaler. "Cooperation." Journal of Economic Perspectives 2(3), (1988):187-: 197.

6. Thaler, Richard H. "The Ultimatum Game." Journal of Economic Perspectives 2(4), (1988): 195-206.

7. De Bondt, Werner and Richard H. Thaler. "A Mean Reverting Walk Down Wall Street." Journal of: Economic Perspectives 3(1), (1989): 189-202.

8. Thaler, Richard H. "Interindustry Wage Differentials." Journal of Economic Perspectives 3(2), (1989): 181-: 193.

9. Loewenstein, George and Richard H. Thaler. "Intertemporal Choice" Journal of Economic Perspectives 3(4): (1989): 181-193.

10. Thaler, Richard H. "Saving, Fungibility, and Mental Accounts." Journal of Economic Perspectives 4(1),: (1990): 193-205.

11. Thaler, Richard H. and Amos Tversky."Preference Reversals." Journal of Economic Perspectives 4(2),: (1990): 201-211.

12. Froot, Ken and Richard H. Thaler. "Foreign Exchange." Journal of Economic Perspectives 4(3),: (1990): 179-192.

13. Lee, Charles, Adrei Schleifer and Richard H. Thaler. "Closed End Mutual Funds." Journal of Economic: Perspectives 4(4), (1990):153-164.

14. Kahneman, Daniel, Jack Knetsch and Richard H. Thaler. "The Endowment Effect, Loss Aversion, and Status Quo Bias." Journal of Economic Perspectives 5(1), (1991):193-206.

Second Series:

1. Camerer, Colin and Richard H. Thaler. "More Dictator and Ultimatum Games" Journal of Economic Perspectives 9(2), (1995):209-219.
2. Hines, James and Richard H. Thaler. "The Flypaper Effect" Journal of Economic Perspectives 9(4), (1995): 217-226.
3. Siegel, Jeremy and Richard H. Thaler. "The Equity Premium Puzzle" Journal of Economic Perspectives 11(1), (1997): 191-200.
4. Rabin, Matthew and Richard H. Thaler. "Risk Aversion" Journal of Economic Perspectives 15(1), (2001): 219-232.
5. Lamont, Owen and Richard H. Thaler. "The Law of One Price in Financial Markets" Journal of Economics Perspectives 17(4), (2003):191-202.