US academic Richard Thaler has won the Nobel Prize for Economics for his contributions in the field of behavioural economics, the Royal Swedish Academy of Sciences has announced.
Mr Thaler, a professor of behavioural sciences and economics at the University of Chicago, is honoured for his research exploring the consequences of ¡°limited rationality, social preferences, and lack of self-control¡± ¨C demonstrating how these human traits can affect individual decisions as well as market outcomes.
¡°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 winner of the SKr9 million (?825,000) prize.
¡°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,¡± the board added.
Professor Thaler becomes the 79th winner of the prestigious economics prize, which is awarded by Sweden¡¯s central bank and was established separately from the Nobel Foundation¡¯s official awards for physics, chemistry, medicine, literature and peace.
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