He won the prize for his pioneering work to bridge the gap between economics and psychology
US economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics, the Royal Swedish Academy of Sciences said on Monday.
"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 on 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."(economy today)
"By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes," the Nobel jury said in a statement.
The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.
Who is Richard Thaler
Thaler is a member of the American Academy of Arts and Sciences, a Fellow of the American Finance Association and the Econometrics Society, and in 2015 served as the President of the American Economic Association.....READ MORE
