Nobel Prize in Economics 2017

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  • The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 was awarded to Richard H. Thaler ”for his contributions to behavioural economics.”
  • Dr. Thaler (72) has incorporated psychologically realistic assumptions into analyses of economic decision-making, a media release by Royal Swedish Academy of Sciences said.
  • 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. 
  • Dr. Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making.
  • 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.

Source:TH