STOCKHOLM: The Nobel Prize for Economics was on Monday awarded to Richard H. Thaler. Thaler is a professor at the University of Chicago for his “contribution to behavioural economics” reports The Indian Express.
Born 1945 in East Orange, Professor Thaler has been awarded the Nobel Prize for his work on integrating economics with psychology. In a statement, issued, The Royal Swedish Academy of Sciences said that the Sveriges Riksbank Prize in Economic Sciences, in memory of Alfred Nobel 2017, has been awarded to Richard H Thaler for having incorporated psychologically realistic assumptions into analyses of economic decision-making.
“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 statement read.