Prize in memory of Alfred Nobel for Economics awarded to Richard Thaler

Prize in memory of Alfred Nobel for Economics awarded to Richard Thaler

American scientist received the award for contribution to the understanding of aspects of economic behaviour.

Moscow. 9 Oct. INTERFAX.RU — the Royal Swedish Academy of Sciences in Stockholm called the name of the prize winner for Economics in memory of Alfred Nobel, often called the “Nobel prize in Economics”. 49 the prize was awarded to the American economist Richard Thaler.

Richard Thaler was born 12 September 1945, is Professor of behavioral science and Economics at the Booth School of business at the University of Chicago. The most famous Thaler received as one of the theorists in behavioral Finance, has collaborated with Daniel Kahneman (Nobel prize winner in Economics 2002).

Thaler is the author of the so-called “theory nudges” (“controlled choice”). The scientist has formulated the concept of “libertarian paternalism” – a strategy to coerce the person to the optimal choice dictated by reason and not feelings or momentary desires.

The announcement of the winner in Economics concludes “the Nobel week-2017”.

Unlike the Nobel prizes in physiology and medicine, chemistry, physics and literature, peace prize, prize in Economics was not established by Alfred Nobel, and the Bank of Sweden in 1969.

In 2016, the prize winners were Oliver HART and Bengt Khol’mstrem with the formulation “for the contribution to the theory of contracts”. The theoretical work of the laureates describe from the point of view of economic theory how they should be arranged in the contracts between economic agents.