U.S. economist Richard Thaler was awarded Nobel economics prize2017 for his contributions to behavioural economics.
It was reported that Richard Thaler is one of the founders of the field of behavioural finance, which studies influence financial markets.
The award-giving body announced the 9 million Swedish crown ($1.1 million) prize and said, “In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making”.
The 72-year-old Richard Thaler is a professor at the University of Chicago.
In a press release, Royal Swedish Academy of Sciences said, “Richard H. Thaler has 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”.
Richard Thaler is a member of American Academy of Arts and Sciences, where he served as President of the American Economic Association in the year 2015.
The Nobel jury said in a statement, “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”.