The Nobel Prize in Economic Sciences has been announced. The Royal Swedish Academy of Sciences announced today, October 9, that the 2017 Nobel Prize in Economic Sciences is awarded to American economist Richard Thaler for his contributions to the field of behavioral economics.
Richard Thaler, 72, is a professor at the University of Chicago. His research analyzes the decision-making mechanisms of consumers and investors from social and psychological perspectives, covering a range from consumers shopping at supermarkets to investors investing billions of dollars in financial markets.
Göran K. Hansson, Secretary General of the Royal Swedish Academy of Sciences, stated that Richard Thaler's research demonstrates how certain human personality traits, such as limited rationality and social preferences, influence individual decision-making and market orientation.
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