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.

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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.

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