Richard Thaler wins Nobel for work in behavioral economics

Richard H. Thaler winner of the Nobel Prize

Thaler told the Nobel committee by videoconference he was "pleased" by the award.

Back in November 2016, when Prime Minister Narendra Modi announced his decision to do away with Rs 500 and Rs 1000 notes, Thaler praised the move saying that it was a "policy" he had "long supported".

In 2001, Thaler along with Shlomo Benartzi of the UCLA Anderson School of Management, addressed the issue of using behavioral economics to increase employee saving. Hansson said he did not believe there was systemic gender discrimination, but “we are concerned; we are taking measures.”.

The Swedish Academy of Sciences said Thalers research has built a bridge between the economic and psychological analyses of individual decision-making.

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.


USA economist Richard Thaler on Monday won the Nobel Economics Prize for his pioneering work bridging the gap between economics and psychology, the jury said.

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.

Thaler developed the theory of "mental accounting", explaining how people simplify financial decision-making by creating separate accounts in their minds, focusing on the narrow impact of each individual decision rather than its overall effect.

A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics. The first prize for the field of economics was first handed out in 1969 while Alfred Nobel established the prizes himself in 1895 by signing his last will.

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