Nobel 2017 Economics Prize awarded to Richard H.Thaler

Stockholm OCT 9: Nobel 2017 prize for economics was awarded to 'Richard H. Thaler 'for his contributions to behavioral economics.Royal Swedish Academy of Sciences said that "Dr. Thaler (72) has incorporated psychologically realistic assumptions into analyses of economic decision-making".

Academy while awarding the prize added that "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 is a Professor of Behavioral Science and Economics at University of Chicago Booth School of Business. He is the co-author of the world best seller 'Nudge' (2008) in which the concepts of behavioral economics are used to tackle many of society’s major problems.

Experts have said that his study has built a bridge between the economic and psychological analyses of individual decision-making which can be used in many areas of economic research and policy.