Tuesday October 23, 2018
Home Lead Story Nobel Prize 2...

Nobel Prize 2017: Richard H. Thaler Wins Nobel for Economic Science

0
//
68
Richard H. Thaler, winner of the Nobel Prize
A photo of Richard H. Thaler, winner of the Nobel Prize in economic sciences 2017, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. voa
Republish
Reprint

Sweden, October 9: American Richard H. Thaler was awarded the Nobel Prize 2017 for Economics — officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

The award committee said Thaler was chosen “for his contributions to behavioral economics.”

“By exploring the consequences of limited rationality, social preferences, and lack of self-control,” Thaler “has shown how these human traits systematically affect individual decisions as well as market outcomes,” the Swedish Academy said.

Thaler developed the theory of “mental accounting,” explaining how people simplify financial decision-making by creating separate accounts in their minds, focusing on the narrow impact of each individual decision rather than its overall effect.

Thaler was born 1945 in East Orange, New Jersey and received his Ph.D. in 1974 from the University of Rochester, New York. He is a Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business, Illinois.

The Royal Swedish Academy of Sciences announced the Nobel Prize 2017 award Monday. It carries a $1.1 million prize. (voa)

Click here for reuse options!
Copyright 2017 NewsGram

Next Story

Odisha government signs a Statement of Intent (SoI) with University of Chicago

0
University of Chicago, Wikimedia

Bhubaneswar, April 3, 2017: The Odisha government on Monday signed a Statement of Intent (SoI) with University of Chicago and University of Chicago Trust in India.

The SoI was signed with a view to facilitate new research, knowledge and capacity building in several areas.

“One of the objectives of entering this collaboration will also be to seek expertise in setting up a virtual academy for digitisation, preservation and improved access of archival material of Odia language and culture,” said Odisha Chief Minister Naveen Patnaik, who was present at the signing of SoI.

NewsGram brings to you latest new stories in India.

The cooperation between the state government and University of Chicago would also deal with research, monitoring and impact evaluation and pilot project implementation in the sectors of energy, environment, health, water and sanitation.

Patnaik said these initiatives would go a long way in preserving invaluable lingual and cultural heritage and resources of Odisha and also in providing better solutions to basic needs of the people. (IANS)

Next Story