Illinois Professor Wins Nobel Prize in Economics

Illinois Professor Wins Nobel Prize in Economics

Illinois Professor Wins Nobel Prize in Economics

Thaler, the "father of behavioral economics", won the 2017 Nobel Prize in Economics for his work in that field. That “incorporates more realistic analysis of how people think and behave when making economic decisions, ” it said. In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller.

Other countries like UK, USA and Australia also have such units.

The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum.

David Laibson, chair of Harvard University's economics department, said many of Thaler's theories have been widely applied by business and government, aiming to get individuals to do a range of actions such as paying parking tickets and getting flu shots.

Kochov said Thaler showed consumers can be guided to more rational choices through nudges, such as making a retirement savings the default plan at work, rather than leaving it up to the employee to initiate.

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However, when Thaler was informed by a tweep that the BJP-led NDA government had made a decision to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"

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.

The United States has dominated the economics prize, with American economists accounting for roughly half of laureates since the inception of the award.

He added that he intends to use the prize money to support further research.

A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics.

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