{"id":771,"date":"2017-10-09T13:04:40","date_gmt":"2017-10-09T13:04:40","guid":{"rendered":"https:\/\/www.editage.com\/insights\/behavioral-economics-founder-richard-thaler-wins-the-2017-nobel-prize-in-economics\/"},"modified":"2025-02-25T06:40:18","modified_gmt":"2025-02-25T06:40:18","slug":"behavioral-economics-founder-richard-thaler-wins-the-2017-nobel-prize-in-economics","status":"publish","type":"post","link":"https:\/\/www.editage.com\/insights\/behavioral-economics-founder-richard-thaler-wins-the-2017-nobel-prize-in-economics","title":{"rendered":"Behavioral economics founder Richard Thaler wins the 2017 Nobel Prize in Economics"},"content":{"rendered":"<p style=\"text-align: justify;\">Today the Royal Swedish Academy of Sciences <a href=\"https:\/\/www.nobelprize.org\/nobel_prizes\/economic-sciences\/laureates\/2017\/press.html\">announced<\/a> the winner of the 2017 Nobel Prize in Economical Sciences. American economist <a href=\"https:\/\/www.chicagobooth.edu\/faculty\/directory\/t\/richard-h-thaler\">Richard Thaler<\/a> won the prize &#8220;for his contributions to behavioural economics.&#8221;<\/p>\n<p style=\"text-align: justify;\">University of Chicago\u2019s Thaler is one of the founders of the field known as behavioral economics or behavioral finance. In his body of work, Thaler has combined analyses in economics and psychology to explore how \u201climited rationality, social preferences, and lack of self-control\u201d affect our day-to-day financial decisions. Thaler\u2019s theories of \u201cmental accounting\u201d and \u201cfairness\u201d have shone light on hitherto unexplored behavior patterns when it comes to making financial decisions. Commenting on his contribution to economical sciences, the Nobel Committee says: \u201cHis empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of\u00a0<em>behavioural\u00a0economics,<\/em>\u00a0which has had a profound impact on many areas of economic research and policy.\u201d<\/p>\n<p style=\"text-align: justify;\">Officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, this prize comes with a $1.1 million cash award. \u201c<a href=\"http:\/\/www.independent.co.uk\/news\/business\/news\/richard-thaler-nobel-prize-in-economics-winner-2017-behavioural-economics-nudge-theory-a7990291.html\">I will try to spend it as irrationally as possible!<\/a>\u201d Thaler told the reporters. \u00a0<\/p>\n<p style=\"text-align: justify;\">Congratulations Mr. Thaler!\u00a0<\/p>\n<p style=\"text-align: justify;\">Related reading:<\/p>\n<ul>\n<li style=\"text-align: justify;\"><a href=\"https:\/\/www.editage.com\/insights\/global-group-working-for-nuclear-weapons-abolition-wins-2017-nobel-peace-prize\/\">Global group working for nuclear weapons&#8217; abolition wins 2017 Nobel Peace Prize<\/a><\/li>\n<li style=\"text-align: justify;\"><a href=\"https:\/\/www.editage.com\/insights\/the-remains-of-the-day-author-kazuo-ishiguro-wins-the-2017-nobel-prize-in-literature\/\">&#8220;The Remains of the Day&#8221; author Kazuo Ishiguro wins the 2017 Nobel Prize in Literature<\/a><\/li>\n<li><a href=\"https:\/\/www.editage.com\/insights\/research-on-visualization-of-biomolecules-bags-the-2017-nobel-prize-in-chemistry\/\">Research on visualization of biomolecules bags the 2017 Nobel Prize in Chemistry<\/a><\/li>\n<li><a href=\"https:\/\/www.editage.com\/insights\/detection-of-gravitational-waves-wins-2017-nobel-prize-for-physics\/\">Detection of gravitational waves wins 2017 Nobel Prize for Physics<\/a><\/li>\n<li><a href=\"https:\/\/www.editage.com\/insights\/2017-nobel-prize-in-medicine-goes-to-researchers-for-decoding-the-biological-clock\/\">2017 Nobel Prize in Medicine goes to researchers for decoding the biological clock<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Today the Royal Swedish Academy of Sciences announced the winner of the 2017 Nobel Prize in Economical Sciences. American economist Richard Thaler won the prize &#8220;for his contributions to behavioural economics.&#8221; University of Chicago\u2019s Thaler is one of the founders of the field known as behavioral economics or behavioral finance. In his body of work, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":33313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2408],"tags":[2644,2552],"new_categories":[],"new_tags":[],"series":[],"class_list":["post-771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-industry-updates","tag-nobel-prize-and-laureates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Behavioral economics founder Richard Thaler wins the 2017 Nobel Prize in Economics | Editage Insights<\/title>\n<meta name=\"description\" content=\"The Royal Swedish Academy of Sciences announced American economist Richard Thaler as the winner of the 2017 Nobel Prize in Economical Sciences &quot;for his contributions 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