Richard H.
Thaler of the University of Chicago was awarded the Noble Prize in Economics on
Monday for his contributions to the field of behavioral economics.
Thaler was being cited for his research in psychology of economic decision-making. Richard’s Theory simply explain that financial decision is done in the mind by focusing on individual decision rather the overall effect and the privatization of schools, hospitals and prison will lead to a reduction in quality greater than the advantages of cost savings.
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