(9 Oct 2017) The Nobel Prize in economics has been awarded to Richard Thaler of the University of Chicago for research showing how people's choices on economic matters - whether on savings or game shows like "Deal or No Deal" - are not always rational.
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 Goran Hansson said Monday.
Thaler "is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making," a background paper from the academy said.
The winner of the Nobel economics prize says the most important impact of his work is "the recognition that economic agents are humans" and money decisions are not made strictly rationally.
Richard Thaler, of the University of Chicago, was speaking in a phone call to a news conference immediately after the Nobel committee announced he is the winner.
The Swedish Academy of Sciences said Thaler's research has built a bridge between the economic and psychological analyses of individual decision-making.
It says his work expanded economic analysis by considering three psychological traits: Limited rationality, perceptions about fairness and lack of self-control.
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