Prof. Thaler, author of best-seller 'Nudge’ explained how consumer behaviour can be leveraged to a company’s advantage

A fully-equipped and modern Resource Centre was unveiled today by the DIFC Centre of Excellence at its premises.

The DIFC Centre of Excellence and the University of Chicago Booth School of Business, joined forces to bring the power of "nudging" to the people and businesses of the Middle East and North Africa (MENA) region.

Professor Richard Thaler of the University of Chicago Booth School of Business, discussed his best-selling book ‘Nudge: Improving Decisions About Health, Wealth and Happiness’, co-authored with Cass Sunstein, at the DIFC Conference Centre on November 19.

The event formed part of Chicago Booth's Global Leadership Series, and was open to the public. Participants included University of Chicago alumni and other professionals and decision-makers from the region.

In ‘Nudge’, the authors show that being human, we are all susceptible to various biases that can lead us to blunder. Professor Thaler explains that by knowing how people think, we can design choice environments that make it easier for people to choose what is best for themselves, their families and their society.

During the interactive discussion, Professor Thaler provided insights from the book and shared his cutting-edge research about human fallibility. He outlined a new world that recognises human nature for what it is, while also making wise choices easier and more likely.

Faten Hani, Chief Executive Officer of the DIFC Centre of Excellence, pointed out that the event was part of the DIFC Centre of Excellence’s mandate to promote knowledge creation within the community.

"Professor Thaler is considered a pioneer in the field of behavioural economics. His research and unique ideas will assist us in understanding how consumers behave and thus help us provide better services to suit client needs. Matching customer requirements is a key recipe for success," Hani said.

"Our region is poised on the starting line of the projected recovery and growth period. The DIFC Centre of Excellence has striven to bring new ideas, knowledge, expertise and technology so as to promote growth and assist in the integration of our region into the global economy," Hani added.

Professor Thaler said: "From the interactive participation by the audience I could feel the quest for knowledge and the ambition to do better is alive and burning brightly in this region.

“Learning how to correctly identify consumer behaviour and preferences ensures the success of a business. I am delighted that the audience found the ideas interesting and I hope that they will help in improving business performance in the Arab World,” Professor Thaler added.

Professor Richard H. Thaler is the Ralph and Dorothy Keller Distinguished Service Professor of Economics and Behavioural Science at the University of Chicago Booth School of Business.

Born in New Jersey in 1945, Professor Thaler first gained attention between 1987 and 1990 with a regular column, "Anomalies,” published in the Journal of Economic Perspectives. He has since written a number of books intended for the lay reader on the subject of behavioural finance, including Quasi-rational Economics and The Winner's Curse.