(Bloomberg) -- Pacific Investment Management Co. added Nobel laureate Richard Thaler as a senior adviser on retirement and behavioral economics.

Thaler will research decision-making around retirement saving, Pimco said in a release on Thursday. The Newport Beach, California-based firm will use his expertise in designing products and services for clients who are preparing for life after work.

A professor of economics at the University of Chicago Booth School of Business, Thaler won the Nobel Prize in Economic Sciences in 2017 for his work on how human traits govern individual economic decisions and affect broader markets.

Last year, Pimco announced it would partner with Chicago’s business school to support research into behavioral science. Read more about the partnership here.

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To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski

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