University of Chicago GSB Receives $2.2MM Grant
For Its Center For Decision Research
Issue date: 2/8/07 Section: GSB Life
The University of Chicago Graduate School of Business has received a $2.2 million grant from the John Templeton Foundation for the school's Center for Decision Research (CDR). The CDR was founded at the Graduate School of Business 30 years ago and is one of the world's oldest academic centers focused on decision making. The CDR is home to 15 faculty members of the Graduate School of Business and other university departments from various disciplines, two post-doctoral fellows, over a dozen doctoral students, and has strong relationships with top academics throughout the world.
"This generous philanthropic investment by the Templeton Foundation will enable our faculty - who are leaders in the fields of behavioral economics, behavioral finance, cognitive psychology, and decision making - to pursue an ambitious research agenda," said Edward Snyder, dean of the school and the George Pratt Shultz Professor of Economics.
"This innovative interdisciplinary program, Understanding Human Nature to Harness Human Potential, will advance the state of knowledge concerning human nature and identify potential interventions based on this knowledge that can improve society and human well-being," Snyder said.
Richard Thaler, the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at Chicago GSB will direct the project. Thaler, director of the CDR for the past 11 years, is a founder of the field of behavioral economics and a recognized authority on potential applications for improving social life.
Thaler's work lies at the intersection of economics and psychology. He investigates the implications of relaxing the standard economic assumption about human nature-that members of the economy are fully rational and ultimately selfish-to utilize what is known in psychology about actual human nature.
Thaler is widely recognized for the impact his Save More Tomorrow (SMarT) plans have had in encouraging savings in a wide variety of settings. These plans harness basic human tendencies to help people achieve their good intentions for saving and increase their potential for financial independence. SMarT offers a model for the kind of innovative research that the Human Nature/Human Potential program will pursue.
"This generous philanthropic investment by the Templeton Foundation will enable our faculty - who are leaders in the fields of behavioral economics, behavioral finance, cognitive psychology, and decision making - to pursue an ambitious research agenda," said Edward Snyder, dean of the school and the George Pratt Shultz Professor of Economics.
"This innovative interdisciplinary program, Understanding Human Nature to Harness Human Potential, will advance the state of knowledge concerning human nature and identify potential interventions based on this knowledge that can improve society and human well-being," Snyder said.
Richard Thaler, the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at Chicago GSB will direct the project. Thaler, director of the CDR for the past 11 years, is a founder of the field of behavioral economics and a recognized authority on potential applications for improving social life.
Thaler's work lies at the intersection of economics and psychology. He investigates the implications of relaxing the standard economic assumption about human nature-that members of the economy are fully rational and ultimately selfish-to utilize what is known in psychology about actual human nature.
Thaler is widely recognized for the impact his Save More Tomorrow (SMarT) plans have had in encouraging savings in a wide variety of settings. These plans harness basic human tendencies to help people achieve their good intentions for saving and increase their potential for financial independence. SMarT offers a model for the kind of innovative research that the Human Nature/Human Potential program will pursue.
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