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Richard Thaler wins Nobel prize for economics

Richard Thaler wins Nobel prize for economics”

USA academic Richard Thaler, who helped popularise the idea of "nudging" people towards doing what was best for them, won the 2017 Nobel Economics Prize on Monday for his work on how human nature affects supposedly rational markets.

Thaler, a professor at the University of Chicago, won the $1.1m prize on Monday for his "understanding [of] the psychology of economics" and "profound impact on many areas of economic research and policy", the Nobel committee said. He is a Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business, Illinois.

Thaler, 72, "is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making", a background paper from the academy said. If so, you've effectively broken the laws of traditional economics, but you've also confirmed over 40 years of research by American economist Richard Thaler.

Thaler co-authored a book with Harvard's Cass R. Sunstein called "Nudge: Improving Decisions about Health, Wealth, and Happiness".

Richard Thaler, of the University of Chicago, was speaking in a phone call to a news conference immediately after the Nobel committee announced he is the victor of this years 9-million-kronor ($1.1-million) prize. Interestingly enough, the Nobel Memorial Prize in Economic Sciences was never established in the will of Alfred Nobel, thus the "memorial" distinction from the other five established prizes. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.



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