History

Founded by Hillel Einhorn in 1977, the Center for Decision Research helped to pioneer the use of science to explain inconsistencies between actual and theoretically rational human behavior. In the early years, this work centered on decision making, shaking the foundations of classical economic theory by revealing reliable and unrecognized biases in how individuals understand the choices they face. Rather than simply contest establishment wisdom (advanced, in many cases, by luminaries in other departments of the school), the center's faculty fed off the tension between their new insights and traditional models. They worked to reconcile and refine seemingly incompatible understandings of human behavior to advance both the center and their revolutionary research. 

Building on these successes in decision-making research, Chicago Booth has since led a broad expansion of the field of behavioral science. Using insights from numerous disciplines—including psychology, economics, political science, neuroscience, and sociology—the center's faculty now lead a field that is proving indispensable for understanding human behavior in finance, marketing, management, health care, politics, charity, and many other domains.

Prof. Richard Thaler Wins Nobel Prize

In 2017, the center was brought to the attention of a broader global audience when longtime faculty director Richard Thaler was awarded the Nobel Prize in Economics for his contributions to behavioral economics.

The center is currently led by Faculty Director Nicholas Epley and governing board members Ayelet Fishbach, Devin Pope, Richard Thaler, and Bernd Wittenbrink. We're home to nearly 40 affiliated faculty members, more than two dozen PhD students, a rich community of principal researchers, and a dedicated administrative staff. 

PIMCO's Generous Philanthropic Support

In the fall of 2018, PIMCO and Chicago Booth announced a partnership to support behavioral science research. In recognition of this investment in research, the center's laboratories were renamed the PIMCO Decision Research Laboratories. The PIMCO Decision Research Laboratories yield scientific discoveries with the potential to improve individual and social welfare.

Mindworks: The Science of Thinking

In summer 2021, Chicago Booth opened Mindworks, world’s first lab & discovery center dedicated to behavioral science. Free and located in downtown Chicago, Mindworks welcomes visitors to explore interactive exhibits, take part in hands-on research studies, and earn prizes for participating.

Mindworks was conceived by faculty at the Center for Decision Research and was made possible by generous philanthropic support from PIMCO.

Introducing the Roman Family Center for Decision Research 

In January 2023, Booth alumnus and university trustee Emmanuel "Manny" Roman, '87, made a significant investment to support the Center for Decision Research. In recognition of Roman's generosity, the center was renamed the Roman Family Center for Decision Research. Learn more.