In a statement, the Royal Swedish Academy of Sciences had said that Richard H. Thaler has incorporated psychologically realistic assumptions into analyses of economic decision-making.
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. Thaler's theory was one valuable addition to the field of behavioural economics.
The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves.
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.
The Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel was first granted to its first recipients, Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands, nearly 70 years after the series of prestigious prizes that Nobel helped establish through funding set aside in his will. While a number of people on social media congratulated him for winning the Nobel Prize, some members of the Bharatiya Janata Party (BJP) pointed out that Thaler had extended his support to the central government's demonetisation move.
He added that he intends to use the prize money to support further research.
The prize was awarded for understanding the psychology of economics, Swedish Academy of Sciences secretary Goeran Hansson said Monday.
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