We're all human: 'Nudge' theorist Richard Thaler wins economics Nobel
Thaler showed that economic and financial decision-makers are not always rational, but mostly deeply human US academic Richard Thaler , who helped popularise the idea of “nudging” people towards doing what was best for them, won the 2017 Nobel Economics Prize on Monday for his work on how human nature affects supposedly rational markets. 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. “I think the most important impact (of my research) is the recognition that economic agents are human and economic models have to incorporate that,” Thaler, a professor at The University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference. ALSO READ: Nobel Prize in Economics: Who is Richard Thaler? Awarding the 9 million Swedish crown ($1.1 million) prize, the R...