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The 2017 Nobel Prize in economics has been awarded to University of Chicago professor Richard H. Thaler

Thaler won the coveted award for his contributions to behavioral economics.

In a statement the Royal Swedish Academy of Sciences said:

“Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes . . . 

“In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making. His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy.”

MG