Economics Nobel goes to Richard H. Thaler

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 was awarded to Richard H. Thaler ”for his contributions to behavioural economics.”

Dr. Thaler (72) has incorporated psychologically realistic assumptions into analyses of economic decision-making, a media release by Royal Swedish Academy of Sciences said.

“By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes,” it said.