Richard Thaler recipient of Nobel Prize in Economics

American economist Richard Thaler is the recipient of the 2017 Nobel Prize in Economics for his pioneering work in the field of bridging the gap between economics and psychology, the Royal Swedish Academy announced.

– By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes – says the Academy's explanation, as reported by world agencies.

Thaler is Professor of Behavioral Science and Economics at the University of Chicago.

The Nobel Prize in Economics, which amounts to USD 1.1 million, is financed by the Swedish National Bank.

Last year's award went to Oliver Hart of the University of Harvard and Bengt Holmstrom of the Massachusetts Institute of Technology for their work in the field of contract theory.

The prize was established only in 1968, placing it alongside the awards for medicine, physics, chemistry and peace, and has since been awarded to 78 recipients.

Royal Swedish Academy

University of Chicago

University of Harvard

Massachusetts Institute of Technology

Nobel Prize

Nobel Prize in Economics

Richard Thaler

Bengt Holmstrom

Oliver Hart