Richard Thaler wins Nobel for work in behavioral economics

University of Chicago professor Richard Thaler speaks during a news conference after winning the Nobel economics prize Monday Oct. 9 2017 in Chicago. Thaler won for documenting the way people’s behavior doesn’t conform to economic models. A

"We seem to be living in the riskiest moment of our lives, and yet the stock market seems to be napping", Richard Thaler, who won the prize for his contributions to behavioral economics, told Bloomberg TV on Tuesday. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions. Members of BJP went all out to share Thaler's tweet on demonetisation asserting that the move which was heavily criticised by the members of the opposition was supported by a Nobel Prize for economics victor.

Thaler, 72, "is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making", a background paper from the academy said.

And here's how Thaler had welcomed the reports that former RBI governor Raghuram Rajan was all set to rejoin University of Chicago Booth School of Business as a Professor, after completing his term at India's central bank.

Thaler will receive a 9 million kroner ($1.1 million) cash prize for his work.

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Other countries like UK, USA and Australia also have such units.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.

Kochov said Thaler showed consumers can be guided to more rational choices through nudges, such as making a retirement savings the default plan at work, rather than leaving it up to the employee to initiate. "I no longer will have to call my colleague Eugene Fama "Professor Fama" on the golf course", he joked, referring to his University of Chicago colleague who won the 2013 Nobel Economics Prize.

While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.

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