US Academic Richard Thaler Wins Nobel Economics Prize

Ivan Schwartz
October 11, 2017

An Illinois professor won the Nobel prize in economics Monday for his groundbreaking research into why people make bad money decisions. Members of BJP went all out to share Thaler's tweet on demonetisation asserting that the move which was heavily criticised by the members of the opposition was supported by a Nobel Prize for economics victor. Thaler's research has helped economists understand that "human behavior often contradicts traditional economic logic", according to a University of Chicago news release.

Awarding the 9 million Swedish crown ($1.1 million) prize, the Royal Swedish Academy of Sciences said: "Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making".

"There's also a nudging unit for the United Kingdom government, there's one for the Australian government, it even affects the Swedish government when they think about these things"'. "People make a lot of mistakes in important decisions in consumption-saving and portfolio choices", said Kochov, who is an economic theorist but teaches a class at UR using Thaler's behavioral economics theories.

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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.

While she says it's hard to overcome some of these tendencies outlined in Thaler's research, Madrian says "the key is to recognize your shortcomings and then try to set yourself up to limit their effects when you're not in a vulnerable situation". Interestingly enough, the Nobel Memorial Prize in Economic Sciences was never established in the will of Alfred Nobel, thus the "memorial" distinction from the other five established prizes.

While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.

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