Richard Thaler, who showed how human traits affect markets, wins 2017 Nobel Prize in economics
Monday, October 9, 2017 IST
US economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics, showing how human traits affect supposedly rational markets, the Royal Swedish Academy of Sciences said on Monday.
Thaler brought to prominence the idea of “nudge” economics, where humans are subtly guided toward beneficial behaviours without heavy-handed compulsion, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world.
In his award citation, the Academy said his research had harnessed psychologically realistic assumptions in analyses of economic decision-making, exploring the consequences of limited rationality, social preferences, and lack of self-control.
“In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making,” the award-giving body said, announcing the 9-million Swedish crown ($1.1 million) prize.
“His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy.”
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