Richard Thaler is an American economist known for his work in behavioral economics, a field that combines insights from psychology and economics. He was awarded the Nobel Prize in Economic Sciences in 2017 for his contributions to understanding how human behavior affects economic decision-making. Thaler's research has helped explain why people often make irrational financial choices. One of Thaler's most notable concepts is the nudge theory, which suggests that small changes in the way choices are presented can significantly influence people's decisions. His work has had a profound impact on public policy, finance, and marketing, encouraging organizations to design environments that promote better decision-making.