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Richard Thaler wins Nobel for work in behavioral economics

Richard Thaler wins Nobel for work in behavioral economics

Thaler was awarded the Nobel Prize 2017 for Economics - officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

"I think the most important impact (of my research) is the recognition that economic agents are human and economic models have to incorporate that", Thaler, a professor at the University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference.

Thaler said he will likely use the prize money of 9-million-kronor ($1.1-million) in irrational ways.

UR Assistant Professor of Economics Asen Kochov described Thaler's foundational work in behavioral economics as "one of the main developments in economics in the last 50 years".

In a statement, the Royal Swedish Academy of Sciences had said that Richard H. Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making. Following publication of the book, policymaking in several countries apparently has been influenced by this approach, not only in the area of retirement savings, but also in health care, education and other areas where current choices have long-term consequences.

Shop that sold gun to Las Vegas shooter forced into lockdown
Investigators now believe Paddock meant to survive the massacre, Las Vegas police Sheriff Joseph Lombardo said. Authorities are grasping to find a motive for Paddock, a 64-year-old retiree and high-stakes gambler.

IOS 11.0.2 Official Release Fixes Crackling Calls on iPhone 8
Apple iPhone X 256GB storage variant is in high demand in the USA , according to a new research from RBC Capital Markets . Granted, it is possible that an extremely small amount suffer from this problem , but only time will tell.

In Iraq's tinderbox city, referendum sparks fears of sectarian war
Turkey fears that the emergence of an independent Kurdish state on its border will stoke separatist feeling in its own Kurdish minority.

Here's a good news for the Modi-led government by the The Royal Swedish Academy of Sciences: 2017 Economics Nobel prize victor Richard Thaler had praised the demonetisation of old Rs 500 and Rs 1000 notes announced by Indian PM Narendra Modi on November 8.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.

Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York.

The United States has dominated the economics prize, with American economists accounting for roughly half of laureates since the inception of the award.

The prize was awarded for “understanding the psychology of economics, ” Swedish Academy of Sciences secretary Goeran Hansson said Monday.

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