American economist Richard Thaler wins the Nobel Prize for Economics
The Swedish Royal Academy of Sciences announced that American economist Richard Thaler won the Nobel Prize for Economic Sciences in 2017 for his contributions to the behavioral economy by incorporating psychological realism into economic decision-making.
The announcement followed the announcement of the winners of the Nobel Prizes in Medicine, Physics, Chemistry, Peace and Literature last week.
“Overall, Richard Thaler’s contributions built a bridge between economic and psychological analysis of decision-making,” the Academy said at the announcement of the award.
“The experimental results and the theoretical insights that have been achieved have contributed to the establishment of a new and rapidly expanding behavioral economy, which has had a wide impact on many areas of policy and economic research.”
The prize is worth nine million kronor ($1.1 million), the same as the other Nobel prizes.
img credz: pixabay.com
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