Richard Thaler won the Nobel Prize in Economics in 2017 for his work in behavioral economics. This field studies how people make decisions, including in groups and financial markets. Thaler's research focuses on "nudging," a way to guide people's choices without restricting their freedom. This approach, called libertarian paternalism, has practical applications in influencing behavior. Behavioral economics is now an important part of modern economics, helping us understand why people do what they do.