What is behavioural economics? – Lecture by Richard H. Thaler (VIDEO)

The John von Neumann Award is given by the students of the Rajk László College of Advanced Studies to scientists who have made an outstanding contribution in the field of social sciences. This year the most votes went to economist, Richard H. Thaler.

21 September, 2017

The awardees traditionally have had a strong effect on the thoughts and the scientific education of the members of the college. The John von Neumann Award is the first and to date the only award given in Hungary which honors the international academic work in the field of economics. The Neumann Award is also unique in the sense that it is awarded by students. The awardee is selected every year by the members of the college through a process of nomination and voting.

This year's winner, Richard H. Thaler has dedicated much of his professional career studying the concept of behavioural economics arguing that the central agents in the economy are ultimately humans who are predictable but then again fallible individuals. Hence plenty of economic phenomena are determined by factors stemming from human behaviour. Mr. Thaler visited the Academy to receive the John von Neumann Award after which he gave the following lecture, available below on video.

The lecture was organised with the assistance of the Hungarian Academy of Sciences Institute of Economics.