UR grad wins Nobel Prize in economics

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U.S. academic Richard Thaler, who helped popularise the idea of "nudging" people towards doing what was best for them, won the 2017 Nobel Economics Prize on Monday for his work on how human nature affects supposedly rational markets. "People make a lot of mistakes in important decisions in consumption-saving and portfolio choices", said Kochov, who is an economic theorist but teaches a class at UR using Thaler's behavioral economics theories.

Richard Thaler, of the University of Chicago, was speaking in a phone call to a news conference immediately after the Nobel committee announced he is the victor of this years 9-million-kronor ($1.1-million) prize.

Richard Thaler is a University of Chicago professor whose work influenced the Obama administration.

Once considered an outlier, behavioral economics today has become part of generally accepted economic thinking, in large part thanks to Thaler's ideas.

Thaler co-authored a book with Harvard's Cass R. Sunstein called "Nudge: Improving Decisions about Health, Wealth, and Happiness".

"I will say that I will try to spend it as irrationally as possible", he said.

Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York. The Royal Swedish Academy of Sciences noted that Thaler, in his applied work, demonstrated how nudging may help people exercise better self-control when saving for retirement, as well as in other contexts.

The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, almost seven decades after the series of prestigious prizes that Nobel called for.

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.

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