Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

New high speed railway threatens Kenyan wildlife

Read more

EYE ON AFRICA

Senegalese court convicts 13 people in country's first mass terrorism trial

Read more

MEDIAWATCH

Macron's bodyguard scandal grows

Read more

THE WORLD THIS WEEK

Trump invites Putin to Washington, France celebrates the World Cup, Macron's first scandal, Nicaragua's crackdown

Read more

FRANCE IN FOCUS

A closer look at France's World Cup victory

Read more

ENCORE!

I want your sax: France's love affair with jazz

Read more

REPORTERS

Video: Maracaibo, the story of Venezuela's collapse

Read more

FOCUS

Knife crime on the rise in London

Read more

THE INTERVIEW

Nicaraguans 'betrayed' by Ortega, says Bianca Jagger

Read more

Culture

'Behavioural economics’ pioneer Richard Thaler wins Nobel Prize

© Carsten Rehder, AFP | 2017 Nobel Economics Prize winner and US economist Richard H. Thaler on June 22, 2014.

Text by NEWS WIRES

Latest update : 2017-10-09

The Nobel economics prize has been awarded to Richard Thaler of the University of Chicago for his contributions to behavioral economics.

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.

The Nobel committee said Thaler's work shows how human traits affect individual decisions as well as market outcomes.

Thaler, 72, 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. That "incorporates more realistic analysis of how people think and behave when making economic decisions," it said.

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 provenance and carefully laborious name, it is broadly considered an equal to the other Nobel and the winner attends the famed presentation banquet.

(AP)

Date created : 2017-10-09

  • NOBEL PRIZE

    Hart, Holmström win Nobel prize in economics for contract theory

    Read more

  • NOBEL PRIZES

    Anti-nuclear weapons campaign ICAN wins 2017 Nobel Peace Prize

    Read more

  • NOBEL PRIZES

    British writer Kazuo Ishiguro wins Nobel Prize for literature

    Read more

COMMENT(S)