Richard Thaler Wins Nobel Prize for Showing the Research in Behavioral Economics

Richard Thaler is the winner of the Nobel Prize in Economic Sciences in Memory of Alfred Nobel, for 2017. Thaler is an economist at the University of Chicago and showed the research how people make economic decisions in real world conditions. He is one of the forerunners of “behavioral economics,” which is one of the most energetic sub fields in the economics regulations.

Swedish Academy of Sciences secretary Goran Hasson said that he was awarded by the 9-million-kronor ($1.1-million) prize to the academic for his research showing how people’s choices on economic matters.

Richard Thaler’s contributions have created a link between the economic and psychological survey of individual decision-making. The field of behavioral economics has had already a great impact on much economic research’s and policy’s regions. And now, Thaler’s findings and theoretical intuitions are expanding the field of behavioral economics. Thaler is known one of the founding fathers of behavioral economics.

To review standard economics models on how people react in markets with psychological evidence, Thaler and 2002 Nobel Laureate Daniel Kahneman worked together using laboratory experiments.

In 2008, Thaler co-wrote a paper analyzing the decision making in games such as the TV show “Deal or No Deal.” They also analyzed how early consequences affects decisions afterward in the game.

Thaler said on Monday that he will use the prize money in ways stable with his research. He said, “I will say that I will try to spend it as irrationally as possible.”

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