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US economist Richard Thaler wins Nobel economics prize

Richard Thaler was awarded the 2017 prize for his contributions in the field of behavioural economics.

A picture taken on 9 October 2017 in Oslo shows a giant screen bearing a portrait of US economist Richard Thaler after the Norwegian Nobel Committee announced that he won the Nobel economics prize. Picture: AFP

STOCKHOLM – United States (US) economist Richard Thaler won the 2017 Nobel economics prize for his contributions in the field of behavioural economics, the Royal Swedish Academy of Sciences said on Monday.

“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 9 million Swedish crown 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 economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel’s 1895 will.

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