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Behavioural economics has far-reaching effects

Professor Richard Thaler believes it can help to correct some of our "misbehaviours"

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Prof Thaler (centre) and his fellow behavioural economists have produced rich insights into human economic behaviour.

ALL his working life, Richard Thaler, who was awarded the Nobel Prize in economics last month, said he has been pleading with his fellow economists that they should be studying real people, not the idealised, so-called "rational" beings around which much of mainstream economics revolves.

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