Richard H. Thaler has been awarded the 2017 Nobel Prize in Economics for his contributions to behavioral economics, according to reports.

Commenting about the newly awarded Thaler, the Royal Academy Swedish Academy noted that Prof H.Thaler of the University of Chicago
“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.”

Last year’s Nobel economics prize went to Harvard University’s Oliver Hart and Bengt Holmstrom of the Massachusetts Institute of Technology for their work on contract theory and its role in shaping everything from executive pay to public sector privatizations.

Previous laureates have included Milton Friedman, James Tobin, Paul Krugman and Friedrich August von Hayek.


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