Nobel economics prize awarded to Richard Thaler

From NHK

This year's Nobel Prize in Economic Sciences has been awarded to Richard H. Thaler with the University of Chicago for his contributions to behavioral economics.

The Royal Swedish Academy of Sciences in Stockholm, Sweden, announced the winner on Monday.

The Nobel committee said that Thaler incorporated psychologically realistic assumptions into analyses of economic decision-making.

It said Thaler showed how limited rationality, social preferences and lack of self-control affect individual decisions and market outcomes.

It also said his contributions have built a bridge between the economic and psychological analyses of individual decision-making.

The committee said his theory has helped create the new and rapidly expanding field of behavioral economics and has had a profound impact on many areas of economic research and policy.

His theory claims that it is possible to make people's economic behaviors more rational by providing them with necessary information. It has brought a significant impact on public policies in the United States and Europe.
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