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Nobel Prize in Economics 2017 to Richard Thaler

“The lunatics are running the asylum!”. With these words Richard H. Thaler was ironically referring to the fact that, for the second time in a row, the American Economic Association was going to be headed by a non-mainstream economist, one being Thaler himself and the other one Robert Shiller. While prof. Shiller was already a Nobel prize recipient when he became president of AEA, with the Alfred Nobel Memorial Prize in Economic Sciences 2017 that was awarded today by the Royal Swedish Academy of Sciences, it would seem that the “lunatics” are no longer a minor, fringe movement in the academy.

But who are these “lunatics” by the way? In more technical terms, the current Thaler belongs to (and largely, represents) is known as behavioral economists. The best way to learn about the tenets of the discipline is probably is to read “Misbehaving – The Making of Behavioral Economics”, by professor Thaler. It is arguably the most entertaining way as well, given the author’s captivating style and humorous inflection.

It is worth noting that the origin of his interest in the topic dates back to the days when he was working with noted psychologists (and later, somewhat paradoxically, Nobel laureates in economics) Daniel Kahneman and Amos Tversky.  It is thus less surprising, perhaps, that contrary to the standard assumption of the mainstrean theory, Thaler’s theory keystone is that the central agents of economy are humans, that is to say predictable and error-prone individuals. Under the (unrealistic) standard theory assumption of a perfectly rational human agent, Richard Thaler’s agents misbehave.

However, once the (behavioral) economist accepts this state of things, and bases his analysis on recent discoveries on human psychology, she can provide valuable insights on how markets work and also how government should address political and social issues. Irrationality plays a larger role in actors’ everyday life, and concepts such as ‘risk aversion’, ‘endowment effect’, ‘mental accounting’, and ‘limited rationality’ introduce unexpected asymmetries in the pattern of our behavior. In fact, this second sub-topic, is the focus of a previous book, authored with Cass R. Sunstein (a prominent legal scholar now at Harvard Law School), and its title (“Nudge”) was to become, in academic and public debates,  almost a by-word for behavioral economics applied to public policies. According to its principles, a thoughtful “choice architecture” can be put in place by government or institutions to nudge our life   towards the most beneficial options without limiting our liberty.

 

ThalerBoth Thaler’s books, as well as “Thinking, fast and slow” (in which  Kahneman  summarizes decades of research and work with Tversky) are available at the Paris campus library. Other info about his publications, teaching, and research is available on the his faculty homepage at the Chicago Booth School of Business.

Book presentation: “The Benedict Option” by Rod Dreher

 


Book presentation: "The Benedict Option" by Rod Dreher

Rod Dreher used to work for the New York Times and he is now a journalist with the magazine The American Conservative.

Born into a Methodist family in 1967, he converted to Catholicism in 1993 then became orthodox in 2006.

His invitation to rediscover traditional Aristotelian moral philosophy resounds powerfully across the Atlantic.

He is the author of “The Benedicte Option” and will be at SIU Paris to present his book

Tuesday October 3rd

Book presentation: "The Benedict Option" by Rod Dreher

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Housing Opportunities – Fall 2017

Housing Opportunities - American House

We are happy to announce to you that we are providing some new housing opportunities, namely dorms for rent, if you are looking for some accommodation in Paris. Although we still have rooms available, they’re being filled up quickly.

Two Dorms are available for students

  • The American House is located in the 14th Arrondissement: “The FEU welcomes American and international students and researchers in its 267 individual rooms (17m2 on average= 180ft2), overlooking the Parc Montsouris or the interior garden. Each room is equipped with a bed, desk, chair, closet, and sink. Residents have access to free unlimited wireless internet throughout the building. Each floor is equipped with several communal bathrooms with sinks, showers, and separate toilets. The FEU offers several communal spaces including kitchens, a library (open 24/7), two small study rooms, a computer room, a recreational space and a music room, as well as a concert hall and a gallery space for cultural events.”
  • The Foyer Notre Dame (only for women) is located in the 11thArrondissement. It has student Rooms with Single beds or Double Beds (Breakfast Included). Each room (17m2=180 ft2) provides basic furniture with Internet connection.

If you are interested in either of these housing opportunities, then please let us know as soon as possible.

You can contact ua at: cnehme@schiller.edu

Schiller Paris Video: Come Take a Quick Visit

Check Out the Paris Campus!

Wondering what student life in SIU Paris campus looks like? Check out our new video to find out!

Don’t forget to switch it to high-resolution 😉

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Already got your degree? Then join our Alumni Network. Through our Schiller Alumni Network, we welcome the opportunity to connect, share, and hear from our thousands of alumni, many of whom are leading and driving success for a wide variety of companies around the world.

Meet our Advisory Board members

Meet our Advisory Board members

Schiller Paris’s programs of study are the result of decades of experience in the fields of international relations and international business. Our curricula, common at all campuses of Schiller International University, bear the mark of the faculty’s dedication to excellence. A key part of our maintaining high standards is the input of the Paris campus’s Advisory Board who mobilize their expertise and experience to provide us useful advice and counsel. In addition to faculty members who lead our respective degree programs, the Advisory Board is made up of three external members: Mr. Amadou DialloCEO of Saloodo! and CEO of DHL Global Forwarding MEA, and alumnus of Schiller Paris (BBA, MBA ’88); Ms. Shevanne Helmer, founding CEO of Helmer, Ltd (London) and alumna of Schiller Paris (MA IRD ’06); His Excellency, Mr. Dritan TolaAmbassador of Albania in France and Monaco, as well as Representative of the President of Albania to the Organisation international de la Francophonie.

Mr. Diallo’s position at the helm of a multinational and the key businesses of DHL allows him to provide our business and diplomacy students special insights into the workings of the global economy and careers. As an entrepreneur with a line of luxury bags that have conquered the fashion world, Ms.Helmer brings insights of great value to business and international relations students alike. Both of them being alumni of Schiller Paris, they provide a special perspective on careers for our students.  With his wide-ranging experience as a diplomat and with the Francophonie, Ambassador Tola contributes his know-how and insights for the benefit of our international relations and diplomacy programs.

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Already got your degree? Then join our Alumni Network. Through our Schiller Alumni Network, we welcome the opportunity to connect, share, and hear from our thousands of alumni, many of whom are leading and driving success for a wide variety of companies around the world.