nobel prize, Richard Thaler
Richard Thaler

This years Nobel Economics Prize has been given to America’s Richard Thaler for his work in behavioral economics according to the Royal Swedish Academy of Sciences.

“In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making,” the award-giving body said on announcing the 9 million Swedish crown ($1.1 million) prize.

Prof Thaler of the Chicago Booth business school was the co-author of a global best seller called Nudge.

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“His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy.”

One of the Nobel prize judges, Per Stroemberg highlighted how Thaler’s work helped explain how human psychology shaped economic decisions.

“Richard Thaler’s findings have inspired many other researchers coming in his footsteps and it has paved the way for a new field in economics which we call behavioural economics,” Stroemberg said.

As a result the author will receive 9 million Swedish krona (£850,000) from the committee.

“I will try to spend it as irrationally as possible!” the 72 year-old economist said.

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