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Richard Thaler wins Nobel prize for economics

11 October, 2017, 00:23 | Author: Paula Vaughn
  • US Economist who supports demonetisation won Nobel Prize: Outstripping former RBI governor who never favoured Note ban in India

A look at the latest on the Nobel Economic Prize shows for the second consecutive year, there were no women among the 2017 Nobel Prize laureates. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

Each of the six prizes is chosen by a different committee, three of which are now headed by women.

"This has also been used in public pension systems in the United States and the general idea of "nudging". has made a breakthrough in public policy making", Torsten Persson, economics prize committee member, told Reuters. Hansson said he did not believe there was systemic gender discrimination, but “we are concerned; we are taking measures.”.

Speaking by phone at a news conference after he was announced as this year's victor, Thaler said the most significant impact of his work has been creating a "recognition that economic agents are human".

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In other words, the professor explores the relationship between human psychology and corresponding economic and financial decisions.

Richard Thaler may be able to build a "bridge between the economic and psychological analyses of individual decision-making", as the Royal Swedish Academy of Sciences explained in awarding him the Nobel Prize.

The Nobel committee said Thalers work shows how human traits affect individual decisions as well as market outcomes. Thaler's experimental work revealed people often make irrational economic choices, Kochov said. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions.

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.

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