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

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A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics.

Goran Hannsson said after the announcement of the economics prize on Monday that “I hope in five years, 10 years, well see a very different distribution.”. Three of the prize committees are within the sciences academy.

The victor of the Nobel economics prize says the most important impact of his work is “the recognition that economic agents are humans” and money decisions are not made strictly rationally. Thaler said he will likely use the prize money of 9-million-kronor ($1.1-million) in irrational ways.

The academy said his work has "built a bridge between the economic and psychological analyses of individual decision-making".

"I don't know about you, but I'm nervous, and it seems like when investors are nervous, they're prone to being spooked", he said, adding that "nothing seems to spook the market".

Richard Thaler was awarded over the weekend the 2017 Nobel Memorial Prize in Economic Sciences for his "contributions to behavior economics", Business Insider reported.

Last year, the government's think tank NITI Aayog tied up with the Bill & Melinda Gates Foundation to set up a "nudge unit" that would work towards bringing about behavioural changes and recommending policy corrections to help make the programmes more effective.

Annual prizes for achievements in physics, chemistry, medicine, peace and literature were established in the will of Alfred Nobel, the Swedish inventor of dynamite, who died in 1896.

Since it was first awarded in 1969, Americans have dominated the economics prize, with 56 of the 79 laureates holding USA citizenship, including those who have dual nationalities.

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