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Richard Thaler`s `behavioral economics` lauded with Nobel

News Desk
Published on : 09 October 2017, 05:20 PM
Richard Thaler`s `behavioral economics` lauded with Nobel

Richard Thaler of the University of Chicago won the Nobel economics prize, 2017 for his contribution to behavioral economics.

The academic will be awarded 9 million kronor ($1.1-million) for his ``understanding the psychology of economics,`` added Goeran Hansson, secretary of Swedish Academy of Sciences.

Thaler`s work shows how human attributes affect individual judgments as well as market outcomes.

The economics prize is something of an outlier — Alfred Nobel`s will didn`t call for its establishment, and it honors a science that many doubt is a science at all.

The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, nearly seven decades after the series of prestigious prizes that Nobel called for.

Despite its derivation and carefully diligent name, it is broadly considered an equal to the other Nobel, and the winner attends the famed presentation banquet.

 

Bangla Insider/ MA