Pimco says Nobel-prize-winning economist Richard Thaler is now a senior advisor on retirement and behavioral economics.
Thaler, a professor of behavioral science and economics at the University of Chicago Booth School of Business, won the Nobel Prize in economic sciences in 2017. He also is a co-founder and partner at Fuller & Thaler Asset Management, which focuses on small-cap U.S. equities.
Thaler’s role at the bond shop will be to help it “better understand human behavior and how it impacts decision-making,” including for saving for and spending in retirement.
Pimco plans to use his insights for building “investment solutions which better serve a wide variety of client needs” in the accumulation and decumulation stages of retirement.
The fixed-income firm recently started a partnership with the Center for Decision Research at the University of Chicago.
“At PIMCO, we are always striving to give our clients an edge … ,” according to Pimco CEO Emmanuel Roman. “Dr. Thaler’s insights will help enhance our ability to make the best possible decisions for our portfolios, our clients and our employees worldwide.”