US economist wins Nobel prize, Latest World News - The New Paper

US economist wins Nobel prize

This article is more than 12 months old

STOCKHOLM: American economist Richard Thaler won the Nobel Economics prize yesterday for showing that economic and financial decision-makers are not always rational but mostly deeply human.

Bridging the gap between economics and psychology, Professor Thaler's research focuses on behavioural economics that explores the impact of psychological and social factors on decisions by individuals or groups in the economic and financial markets.

"He has made economics more human," the Nobel jury said, calling the 72-year-old a pioneer on integrating economics and psychology.

"By exploring the consequences of limited rationality, social preferences and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes," the jury's statement said.- AFP

united statesEconomyUniversity