The awarding of the Nobel prize in economics to the Chicago-based economist Richard Thaler last year underlines the extent to which behavioural economics has become an important part of modern thinking on policy.
Thaler is one of the leading figures in integrating psychology into economic models, and has been at the forefront of a widespread change in economics that has increasingly come to have real-world effects.
A central idea in behavioural economics is that markets...
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