Nobel Prize 2017: Richard H. Thaler Honoured For His Contributions To Behavioural Economics

News World India | 0
| October 9 , 2017 , 16:03 IST

The prestigious literary awards which opened with the prize for Medicine followed by awards in Physics, Chemistry, Literature and Peace has finally reached the concluding title which honoured the American Economist, Richard H. Thaler for his unparalleled contribution to Behavioural Economics.

As per the Swedish Academy, Richard was chosen for the honour for "Integrating economics with psychology". The laureate has built a bridge between the economic and psychological analyses of individual decision-making.

The economist has explored the various aspects of limited rationality, social preferences & lack of self-control and their effects on individual decisions & market outcomes. He has also developed the theory of mental accounting which explained how people can simplify their financial decisions.

Born in 1945 in USA Richard is affiliated to University of Chicago Booth School of Business where he is the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics.

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Richard will be presented with the prize money of 9 million Swedish crowns ($1.1 million). There were speculations that Indian Economist and former RBI governor Raghuram Rajan might be a contender for the award this year due to his eminent contribution in the field of economics.

The awards which started in 1901 as per the will of dynamite businessman, Alfred Nobel honour the extra-ordinary laureates for their great achievements in the fields of science, literature and peace.