RichardThaler introduced the cognitive law of human psychology into the analysis of economic decision-making, and systematically showed how human characteristics affect individual economic decision-making and market results. By combining theory, demonstration and experiment, he pushed behavioral economics from a marginal and controversial field to a widely recognized mainstream field. Many of his discoveries have had a far-reaching impact on the micro, macro and public policy fields.
RichardThaler introduced psychological reality hypothesis into economic decision analysis. By exploring the consequences of bounded rationality, social preference and lack of self-control, he shows how these personality traits systematically affect personal decision-making and market results. RichardThaler's greatest contribution is to understand human nature, understand its weaknesses and apply them to economics, making economics more humane.