Brexit critic Richard Thaler wins Nobel Peace prize for economics

10 October, 2017, 00:30 | Author: Terri Saunders
  • Richard Thaler

University of Chicago professor Richard Thaler has been awarded the Nobel Prize in economics for his research in the field of behavioral economics.

The award-giving body also announced a prize-money of 9 million Swedish crown ($1.1 million) for Thaler.

But what we are going to call the even more select group to have won a Nobel Prize and an Oscar? For example, Mr Thaler developed a theory of mental accounting, which explains how people making financial decisions look only at the narrow effect of individual decisions rather than the whole effect.

Economy is the last of this year's Nobels, with prizes for physiology or medicine, physics, chemistry, literature and peace awarded last week. When asked if a point has come when behavioural economics can be used for making tools for setting public policy, Thaler told Smith, "Well sure".

Thaler is the 29th victor of the economics prize associated with the school in the 49 years the award has been given.

Earlier last week, reports surfaced that former governor of the Reserve Bank of India, Raghuram Rajan was also in the race to win 2017 Nobel for Economics.

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The victor of the 9-million-kronor ($1.1-million) prize will be announced Monday. The Nobscar? To Al Gore (a Peace prize laureate and an Oscar victor for "An Inconvenient Truth") can we now add University of Chicago professor Richard Thaler?

That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.

That started to change when Mr Thaler and Cass Sunstein, a legal scholar at Harvard University, co-authored a book, "Nudge", in 2008.

Thaler appeared in a memorable cameo alongside Selena Gomez in the Christian Bale-, Steve Carrell-starring 2015 financial-crisis chronicle The Big Short.

His other works include "Quasi-Rational Economics", "The Winner's Curse: Paradoxes and Anomalies of Economic Life" and "Advances in Behavioral Finance". Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

The economics prize was established in 1968. "I knew it could happen", Thaler said of winning the Nobel Prize.

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