Nobel prize for economics goes to Richard H Thaler for behavioural economics
Q. What is the Nobel Prize in Economics also known as?- Published on 10 Oct 17a. The Sveriges Riksbank Prize in Economic Sciences
b. The Gunnar Myrdal Prize in Economic Sciences
c. The Knut Wicksell Prize in Economic Sciences
d. The Bertil Ohlin Prize in Economic Sciences
ANSWER: The Sveriges Riksbank Prize in Economic Sciences
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 was awarded to Richard H. Thaler ''for his contributions to behavioural economics.''
Dr. Thaler (72) has incorporated psychologically realistic assumptions into analyses of economic decision-making, a media release by Royal Swedish Academy of Sciences said.
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.
Dr. 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.
Richard Thaler: Know More- Dr. Thaler is a Professor of Behavioural Science and Economics at University of Chicago Booth School of Business.
- He is the co-author (with Cass R. Sunstein) of the global best seller Nudge (2008) in which the concepts of behavioural economics are used to tackle many of society’s major problems.
- Thaler also supports demonetisation.
Nobel Prize in Economics- The Prize was first awarded in 1969, nearly seven decades after the series of prestigious prizes that Nobel called for.
- Despite its provenance and carefully laborious name, it is broadly considered an equal to the other Nobel and the winner attends the famed presentation banquet.
- The winner will walk away with 9-million-kronor ($1.1-million) prize.
- Last year, Oliver Hart and Bengt Holmström shared the prize for their contributions to contract theory.
- Indian economist Amartya Sen won the Nobel in 1998 for his contributions to welfare economics.
