nsucurrent.com
nsucurrent.com October 17, 2017


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

Nobel Prize awarded to University of Chicago professor

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.



Other News

Trending Now

Watch the Epic New Trailer for "Star Wars: The Last Jedi"
Even Kylo Ren makes an appearance in this trailer to keep us curious about what the dark side might be up to this time around. First: No, we're not over the loss of Carrie Fisher , and it is going to be very odd watching this movie without her.

Google Clatters Apple by Using its Firearm and Rolling out Lavishing Smartphones
Basically, you point the Pixel's camera to, say, an event poster which contains a phone number and an email address. So that's the lineup: they don't feature inspired design or break the wheel, but they are smarter than ever.

Bayern Munich Confirm Carlo Ancelotti Replacement
Work in Spain followed, at Athletic Bilbao, Tenerife and Real Madrid, where he won the Champions League in 1997. Ancelotti was sacked last month following a 3-0 defeat to Paris Saint-Germain in the Champions League.

Russia Denies Blame for Saudi King's Awkward Escalator Malfunction
Saudi Arabia has made no firm pledge to extend the deal, but Falih said his country was "flexible" regarding Moscow's suggestion. That marked a shift for the kingdom, which buys most of its military kit from the United States and Britain.

US Expels Cuban Diplomats over 'Sonic Attack' to Intentionally Escalate Tensions
Cuba's foreign minister says Washington's response to mysterious attacks on its diplomats has been "irresponsible" and "hasty". Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism.

Automobile : the driver distracted by the high-tech ?
Fatal crashes are on the rise in the US , and distracted driving is a major reason for the increase, the foundation believes. When driving at 25 miles per hour , a driver can travel the length of four football fields during the same amount of time.

Rethink decision to table Bill to regularise guest teachers: LG to CM
The bill cleared by the Delhi Cabinet last month seeks to regularise about 15,000 guest teachers, hired on contracts. He said he was "happy that the Opposition didn't oppose the motion".

Four injured in attack on paramilitary base in Indian occupied Kashmir
Khan, who heads the police force in the Kashmir Valley, denied that there had been a security breach that led to the attack. Police sources told news agency CNS that militants targeted the administrative block of the BSF camp.

Samsung's Odyssey VR headset with OLED displays looks impressive on paper
The list of Windows 10-powered virtual reality headsets has officially grown, with today's reveal of the Samsung Odyssey headset. According to Microsoft's listing, the Samsung Odyssey headset will begin shipping on the 6th of November, with a $499 price tag.

North Korean Workers May Have Prepared Your Salmon Fillet
Per the AP's report , some brands of salmon found in Walmart and ALDI stores was linked to North Korean workers based in China . But the AP notes that the seafood could remain in the supply chain for "more than a year".