Richard H. Thaler from University of Chicago has been awarded the 2017 Nobel Prize in Economics for his contributions to Behavioral Economics.
Richard Thaler has integrated psychologically realistic assumptions into analyses of economic decision-making. His pioneer work to bridge the gap between economics and psychology won him the Nobel Economics Prize.
His work on Behavioral Economics
He has proved how some of the individual traits like limited rationality, social preferences, and lack of self control systematically affect individual decisions as well as market outcomes.
Thaler’s pragmatic findings and theoretical insights have been influential in creating the new and rapidly expanding field of behavioural economics, which has had a deep impact on many areas of economic study and policy.
About Richard Thaler
Richard Thaler is a Professor of Behavioral Science and Economics at University of Chicago Booth School of Business. He has co-authored the global best seller Nudge (2008) in which he tackled many of society’s major problems through the concepts of behavioral economics.
About Noble Prize
The economics noble prize, officially named as Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.
The economics noble prize was not part of the original group of awards set out in Alfred Nobel’s will in 1895.The winner of this award gets 9-million-kronor ($1.1-million) prize.
The only Indian economist who won this prestigious award is Amartya Sen, who won the Nobel in 1998 for his contributions to welfare economics.
Who: Richard H. Thaler
What: Economics Noble Prize