Nobel Prize 2017: Richard H. Thaler Wins Nobel for Economic Science

Oscar PerryOct 11, 2017

Richard Thaler, founder of a line of thought described as "behavioral economics", this week was designated the victor of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said. He's considered the founding father of "behavioral economics".

"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"'.

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

Feinstein Announces Reelection Bid, Likely to Face Primary
California Democrats have been anxiously circling Feinstein's seat, hoping she would create an opening for them by retiring. Schiff, Eric Swalwell and Brad Sherman, were said to be preparing for a Senate campaign if Feinstein opted to retire.

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. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics. While a number of people on social media congratulated him for winning the Nobel Prize, some members of the Bharatiya Janata Party (BJP) pointed out that Thaler had extended his support to the central government's demonetisation move.

Influential in academic circles, the movie-going public may have noticed Thaler make a brief cameo in the 2015 film "The Big Short", explaining the so-called "hot-hand fallacy" where past success is expected to also warrant success in the future, with pop star Selena Gomez.

The concept has now expanded to the United States and even Australia. The Royal Swedish Academy of Sciences noted that Thaler, in his applied work, demonstrated how nudging may help people exercise better self-control when saving for retirement, as well as in other contexts.

Related Articles:



« Previous article


Popular Pages

A Black Man Beaten By White Nationalists In Charlottesville Is Facing Charges
Ramos's attorney, John Joyce, said Harris had been involved in scuffles during the rally and told a judge "it may have been Mr. After news broke of the arrest warrant against Harris on Monday, white nationalists openly celebrated on Twitter.

Grant Shapps: Tories within rights to urge May to go
May's speech was later repeatedly halted by coughing fits , for which finance minister Philip Hammond gave her a sweet. Environment Secretary Michael Gove claimed it was "a fantastic speech from a Prime Minister at the top of her game".

Premier League to decide on new TV money plan
While this United side might not play the most attractive football throughout the season, they will surely be tough to crack down. If they come away from those games with four points then we will know they are here to stay.

Somali-born refugee charged in Canada 'terror' attack
They recognized that the driver's name was the same as or similar to the name under which the Malibu was registered. Although police have described the incident as a suspected terrorist act, terrorism charges have not been laid.

Aaron Rodgers gets the last laugh again, and the Cowboys are reeling
Rodgers led scoring drives on the Packers' first two possessions of the second half as they erased Dallas' 21-12 halftime lead. But you can only keep the man down for so long as he exceeded the 100-yard barrier on his 27th carry, and finished with 116.

Bangladesh backs India's stand on Rohingya issue: Foreign minister Haque
In a statement issued late Monday by Myanmar's State Counsellor's Office, Minister Kyaw Tint Swe repeated Suu Kyi's repatriation vow.

U.S. spies in Havana hit by weird health attacks
Obviously Cuba remains the main suspect since the attacks occurred on the island, but Canadian diplomats have also been attacked. According to Rodriguez, no evidence of any "acoustic attacks" on U.S. diplomats has ever been presented.

Questions arise on China's plans as N. Korea war talk rises
At some factories, laborers worked hunched over tables as North Korean political slogans blasted from loudspeakers. One of the products dealt with by the factories is Sea Queen - a fish brand sold exclusively at Aldi supermarkets.

Luis Norton de Matos: Important that India play without fear
The Indian coach though believes he has a final ace up his sleeve - the fact that he is playing with few expectations. The India vs Colombia FIFA U-17 World Cup match will be broadcast live on the SONY Network.

Former UK PM would be questioned over rape
The allegations included child sexual abuse and rape and indecent assault, physical abuse and sexual abuse against an adult. Much later, between 1990 and 1992 it is alleged that Heath indecently assaulted a boy of 12-14.