- On 9th October, 2017 The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 to Richard H. Thaler (University of Chicago, IL, USA) “for his contributions to behavioral economics”.
- Richard H. Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making.
- By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes.
- Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making.
- His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy.
About Nobel Prize in Economic Sciences
- The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Awarded to 79 Laureates since 1969.
- In 1968, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.
- The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Bank’s 300th anniversary.
- The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.
- The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.
- 1 woman have been awarded the Prize in Economic Sciences so far, Elinor Ostrom, in 2009.
Reference:
https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/
https://www.nobelprize.org/nobel_prizes/economic-sciences/