UR grad wins Nobel Prize in economics

"We seem to be living in the riskiest moment of our lives, and yet the stock market seems to be napping", Richard Thaler, who won the prize for his contributions to behavioral economics, told Bloomberg TV on Tuesday.

US economist Richard Thaler, of the University of Chicago Booth School of Business, speaks during a news conference after winning the 2017 Nobel Economics Prize in Chicago, Illinois, US.

Thaler “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.

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Thaler said he will likely use the prize money of 9-million-kronor ($1.1-million) in irrational ways. Following publication of the book, policymaking in several countries apparently has been influenced by this approach, not only in the area of retirement savings, but also in health care, education and other areas where current choices have long-term consequences.

While she says it's hard to overcome some of these tendencies outlined in Thaler's research, Madrian says "the key is to recognize your shortcomings and then try to set yourself up to limit their effects when you're not in a vulnerable situation".

Thaler was awarded the 2017 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on Monday.

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However, when Thaler was informed by a tweep that the BJP-led NDA government had made a decision to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"

The United States has dominated the economics prize, with American economists accounting for roughly half of laureates since the inception of the award.

A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics.

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  • Kelly Blake