Richard Thaler wins Nobel prize for economics

Andrew Cummings
October 10, 2017

"We seem to be living in the riskiest moment of our lives, and yet the stock market seems to be napping", Richard Thaler, who won the prize for his contributions to behavioral economics, told Bloomberg TV on Tuesday. If so, you've effectively broken the laws of traditional economics, but you've also confirmed over 40 years of research by American economist Richard Thaler. He shed light on how people succumb to short-term temptations, which is why many people fail to plan and save for old age.

"I will say that I will try to spend it as irrationally as possible", he said. A member of the University of Chicago faculty since 1995, Thaler earned his master's degree in 1970 and his 1974 from UR. That “incorporates more realistic analysis of how people think and behave when making economic decisions, ” it said.

And here's how Thaler had welcomed the reports that former RBI governor Raghuram Rajan was all set to rejoin University of Chicago Booth School of Business as a Professor, after completing his term at India's central bank. The Royal Swedish Academy of Sciences noted that Thaler, in his applied work, demonstrated how nudging may help people exercise better self-control when saving for retirement, as well as in other contexts.

The last of the Nobel prizes to be awarded this year is something of an outlier — Alfred Nobels will didnt call for its establishment and it honors a science that many doubt is a science at all.

The 9-million-kronor ($1.1-million) prize was awarded to the academic for his "understanding the psychology of economics", Swedish Academy of Sciences secretary Goeran Hansson said Monday.

A look at the latest on the Nobel Economic Prize shows for the second consecutive year, there were no women among the 2017 Nobel Prize laureates.

The peace prize, which was announced in Oslo on Friday, was awarded to the International Campaign to Abolish Nuclear Weapons "for its work to draw attention to the catastrophic humanitarian consequences of any use of nuclear weapons".

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