Who is Richard Thaler, the man who defeated Raghuram Rajan and others to win Nobel Economics prize 2017

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New Delhi | Published: October 9, 2017 4:05:59 PM

Richard H Thaler has won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017.

Richard H Thaler, richard thaler, nobel economics prize winner, nobel economics prize 2017, who is richard thalerRichard H Thaler, winner of Nobel Economics prize 2017. (Source: https://faculty.chicagobooth.edu)

Richard H Thaler has won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017. In a press release, Royal Swedish Academy of Sciences said Thaler has won the prize “for his contributions to behavioural economics. “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 while announcing the 9 million Swedish crown ($1.1 million) prize.

According to faculty.chicagobooth.edu, Thaler is Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the university. He “is a principal at Fuller and Thaler Asset Management and serves on the academic advisory board of Allianz Global Investors. Thaler has been “paid to give speeches to dozens of groups all over the world for several decades, too numerous to remember much less enumerate.”

Born in 1945 in East Orange of New Jersey in the United States, Thaler is currently affiliated to the University of Chicago.

“His (Thaler’s) 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 release said.

According to the prize-awarding committee, 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,” it said.

“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 behavioural economics, which has had a profound impact on many areas of economic research and policy,” the release further said.

The Nobel economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.

Earlier, Clarivate Analytics, a company that does academic and scientific research and maintains a list of dozens of possible Nobel winners based on research citations, had said India’s former RBI Governor Raghuram Rajan’s name was also in the list of probable Nobel Economics prize winners. (With agency inputs)

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