US economist Thaler wins Nobel for ‘making economics more human’
Stockholm, Sweden - US economist Richard Thaler won the Nobel Economics prize on Monday for showing that economic and financial decisionmakers are not always rational, but mostly deeply human.
Bridging the gap between economics and psychology, Thaler’s research focuses on behavioural economics which explores the impact of psychological and social factors on decisions by individuals or groups in the economy and financial markets. “He’s made economics more human,” the Nobel jury said, calling.
Thaler is well-known for cofounding the “nudge” theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.
“By exploring the consequences of limited rationality, so- cial preferences, and lack of selfcontrol, he has shown how these human traits systematically affect individual decisions as well as market outcomes,” the jury’s statement said.
He has advised several governments, including in Denmark and France.