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.
To address these shortcomings, Thaler and Benartzi pioneered their "Save More Tomorrow" (SMarT) program created to help employees increase their savings rates gradually over time by overcoming self-control problems and other behavioral biases. Thaler's research upended the conventional wisdom and showed that human decisions are sometimes less rational than assumed, and that psychology in general - and concepts such as impulsiveness - influence many consumer choices in often-predictable ways.
The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum. In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller.
Delhi Assembly passes Regularisation of Services of Guest Teachers 2017, Bill
It is a matter of education and his stand amounts to insulting the Constitution, the teachers and the entire education system. He observed: "The foundation of the bill is flawed.One has to go by the rule of law, not rhetoric.
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.
He added that he intends to use the prize money to support further research. 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. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.
Since it was first awarded in 1969, Americans have dominated the economics prize, with 56 of the 79 laureates holding USA citizenship, including those who have dual nationalities.