The Economics Nobel Prize awarded this year to Richard H. Thaler for his contributions towards behavioral economics.
Dr. Thaler has integrated psychologically pragmatic assumptions into analyses of economic decision-making, a press 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 steadily affect individual decisions as well as market results."
Dr. Thaler's contributions have put together a bridge between the economic and psychological analyses of human being’s decision-making. His empirical conclusion and theoretical approaching have been instrumental in creating the new and swiftly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy, the release said.
Dr. Thaler is the Professor of Behavioral Science and Economics at the University Of Chicago Booth School Of Business. and He is the co-author (with Cass R. Sunstein) of the global bestseller Nudge (2008) in which the concepts of behavioral economics are used to embark upon many of society’s key problems.
Speaking to journalists over teletalks, Dr. Tahler said his works give emphasis to that economic agents are human and economic models have to incorporate that.
The winner will get with 9-million-kronor ($1.1-million) prize.
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