American behavioral economist who developed nudge theory — applying behavioral economics insights to policy — and won the Nobel Prize in Economics in 2017.
Mental accounting: people track money in separate mental accounts with different rules rather than treating it as fungible. Endowment effect: people value things they own more than equivalent things they do not own. Nudge (with Sunstein): small changes in choice architecture can substantially change behavior without restricting freedom — libertarian paternalism.
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