Economy

Nobel Prize for Economics goes to Richard H Thaler

Nobel Prize for Economics goes to Richard H Thaler”

Thaler, author of the books Nudge and Misbehaving: The Making of Behavioral Economics.

Richard Thaler is the victor of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly known as the Nobel Prize for Economics, for 2017.

The Nobel Prize committee said he explores "how limited rationality, social preferences and lack of self-control affect individual decisions and market outcomes". 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, the release said.

Former RBI Governor Raghuram Rajan was also in the running for Nobel prize, also known as The Sveriges Riksbank Prize in Economic Sciences.

However, it is broadly considered as being equal to the other Nobel awards, and its victor also attends the presentation ceremony.

The prize is given to an economist who has made a substantial contribution toward the subject, with an award of 9 million Swedish krona ($1.1 million, £844,000).

If you missed last year's prize, here's a quick recap: Helsinki-born Bengt Holmström of the Massachusetts Institute of Technology and London-born Oliver Hart of Harvard University took the honour thanks to their contributions to contract theory.



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