Richard Thaler gets Nobel Prize in Economics 2017 for work on behavioural economics
US economist Richard Thaler won the Nobel Economics Prize
for his pioneering work bridging the gap between economics and psychology.
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
The 72-year-old takes home a nine million kronor (944,000
euros, USD 1.1 million) prize sum.
He is a professor at the University of Chicago -- a school
popular with the Nobel economics committee.
Of 79 laureates so far, more than a third have been
affiliated with the university`s school of economics.
Thaler made a cameo appearance in the 2015 movie "The
Big Short" about the credit and housing bubble collapse that led to the
2008 global financial crisis.
Last year, the award went to British-American economist
Oliver Hart and Bengt Holmstrom of Finland for their research on contract
theory, which has helped design insurance policies and executive pay.
The economics prize is unique among the Nobel awards in that
it was created by the Swedish central bank in 1968 while the others were all
set up through the 1895 will of Swedish inventor and philanthropist Alfred