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Published: Wed, October 11, 2017
Global Media | By Abel Hampton

Behavioral economics pioneer Richard Thaler wins Nobel Prize for Economics

Behavioral economics pioneer Richard Thaler wins Nobel Prize for Economics

Thaler will take home $1.1 million in prize sum, which he jokingly said he would "try to spend as irrationally as possible".

Only one woman, Elinor Ostrom of the United States, has won the economics prize to date.

On September 9th Mr Thaler's work was recognised at the highest level when the Nobel Committee awarded him this year's prize in economics.

Born on September 12, 1945, Thaler is a U.S. citizen and the founder of asset management firm Fuller & Thaler Asset Management.

Thaler is now the director of the Center for Decision Research at the University of Chicago and co-director of the National Bureau of Economic Research (NBER) project on Behavioral Economics.

University of Chicago academic wins the 2017 Nobel Prize for economics for his "profound impact" on economic research.

Thaler is the 29th victor of the economics prize, associated with the school in the 49 years the award has been given.

He is also well known for creating "easy-to-understand scenarios that show how human behavior often contradicts traditional economic logic".

Thaler, an American, is one of the leading experts in the relatively new field that combines psychology and economics.

USA economist Richard Thaler, 72, has won the Nobel Economics Prize for his work to bridge the gap between economics and psychology, the Nobel Committee declared on Monday. Here is what we know about the director of the Center for Decision Research at the University of Chicago and his career's highlights. "Thaler himself had written a piece called "Anomalies" in the Economic Perspectives Journal" for nearly four years to try and challenge the leading way of thinking about economics.

Mr. Thaler is a pioneer in the field of behavioral economics, which studies the intersection of psychology and economics-fueled by the insight that human beings do not behave in a perfectly rational manner. He also taught at the University of Rochester as well as Cornell.

In "Nudge", Thaler and collaborator Cass Sunstein argued that behavioral economics could be applied to public policy, improving lives at little cost.

Thaler said on Monday that he will use the prize money in ways stable with his research.

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