Richard Thaler awarded 2017 Nobel prize in economics

  • 10 October 2017 / News / 1137 / Emerging Africa

Richard Thaler awarded 2017 Nobel prize in economics

Richard Thaler has been awarded the Nobel prize in economics for his work on how psychology influences decision making.

His research, the committee said , had taken the field of behavioral economics from the fringe to the mainstream of academic research and had shown that it had important implications for economic policy.Professor Thaler, born in 1945 in East Orange, N.J., works at the University of Chicago’s Booth School of Business. The Nobel committee, announcing the award in Stockholm, said that he was a pioneer in applying psychology to economic behavior and in shedding light on how people make economic decisions, sometimes rejecting rationality.

Professor Thaler said on Monday that the basic premise of his theories was that, “In order to do good economics you have to keep in mind that people are human.”

Asked how he would spend the prize money, he replied: “This is quite a funny question.” He added: “I will try to spend it as irrationally as possible.”

source: dzbreaking

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