Richard Thaler of U.S. wins Nobel Economics Prize

A buoyant and complacent stock market is worrying Richard H. Thaler, the University of Chicago professor who this week won the Nobel Prize in economics. "People make a lot of mistakes in important decisions in consumption-saving and portfolio choices", said Kochov, who is an economic theorist but teaches a class at UR using Thaler's behavioral economics theories.

Thaler, a professor of behavior science and economics at the University of Chicago, took home one of the most prestigious prizes in the field of economics for his contributions to the study of incorporating "psychologically realistic assumptions into analyses of economic decision-making". In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller.

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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. While a number of people on social media congratulated him for winning the Nobel Prize, some members of the Bharatiya Janata Party (BJP) pointed out that Thaler had extended his support to the central government's demonetisation move.

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.

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Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.

The United States has dominated the economics prize, with American economists accounting for roughly half of laureates since the inception of the award. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.

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