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Richard Thaler wins Nobel for work in behavioral economics
11 October 2017, 12:24 | Ruby West
How Richard H. Thaler's Clear Thinking Led to a Nobel Prize in Economics
Much before U.S. economist Richard Thaler won Nobel prize for economics, the Narendra Modi government had put his famous theory in practice by dedicating a separate unit to it. Thaler popularised the idea of "nudge economics", which emphasises subtly guiding humans toward beneficial behaviours without forcing them to comply. That incorporates more realistic analysis of how people think and behave when making economic decisions, it said. He is a Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business, Illinois.
Influential in the field of behavioural economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term.
Thaler said he will likely use the prize money of 9-million-kronor ($1.1-million) in irrational ways.
To address these shortcomings, Thaler and Benartzi pioneered their "Save More Tomorrow" (SMarT) program created to help employees increase their savings rates gradually over time by overcoming self-control problems and other behavioral biases.
Thaler co-authored a book with Harvard's Cass R. Sunstein called "Nudge: Improving Decisions about Health, Wealth, and Happiness".
Other countries like UK, USA and Australia also have such units.
Here's a good news for the Modi-led government by the The Royal Swedish Academy of Sciences: 2017 Economics Nobel prize victor Richard Thaler had praised the demonetisation of old Rs 500 and Rs 1000 notes announced by Indian PM Narendra Modi on November 8.
Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York.
The concept has now expanded to the United States and even Australia.
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