World Bulletin / News Desk
The University of Chicago professor has "incorporated psychologically realistic assumptions into analyses of economic decision-making," the academy said.
The findings and theoretical insights of Thaler, 72, "have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy".
Along with former Obama administration official Cass Sunstein, Thaler authored the bestseller Nudge, which argued that small policy changes can help people make better decisions in their lives.
The prize committee said that Thaler won a monetary prize of 9 million Swedish kroner (nearly $1.1 million).
On his plans for the money, the Nobel Prize Twitter account quoted him as saying: “I will try to spend it as irrationally as possible!”
The Nobel prize in economics, formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.
Last year, Oliver Hart from Harvard University and Bengt Holmstrom from the Massachusetts Institute of Technology were awarded "for their contributions to contract theory."
Nearly 8.5 million new passenger cars were registered in EU in first half of 2018, says manufacturers' association
Economic partnership agreement is biggest ever negotiated by EU and will create an open trade zone
BIST 100 rises 0.08 pct; US dollar/Turkish lira exchange rate stands at 4.8420
The dollar was up versus the yen but down against the euro and pound, with all eyes on US President Donald Trump's summit with Russian counterpart Vladimir Putin in Helsinki.
Tax revenues totals nearly $72.1 billion while interest payments amounts to over $8.2 billion in January-June period
BIST 100 rises over 700 points; USD/TRY exchange rate stays at 4.8360
Country's egg, chicken, turkey, and meat production climbed in May on yearly basis, says official data
BIST 100 rises over 400 points, while USD/TRY exchange rate drops to 4.8460
Saudi Arabia intends to invest as much as $10 billion in South Africa’s economy, with a focus on energy projects
Share of young people in Turkey age 15-24 who are not in employment, education, or training down 4.5 pct in Q1 year-on-year
Treasury and Finance Minister Berat Albayrak says effective Central Bank is among main policy targets of new era
The European Commission, the EU's executive arm, said the 19-country single currency bloc would expand by 2.1 percent in 2018, lower than the 2.3 percent forecast just weeks ago in early May.
Country's central government research and development expenditures rise by 17.5 percent year-on-year in 2017
The IEA welcomed in its July report last month's agreement between the Organization of the Petroleum Exporting Countries (OPEC) and Russia to open the taps in order to bring prices down from multi-year highs.
In its monthly report, the Organization of the Petroleum Exporting Countries said buoyant world trade in 2017 and 2018 had helped impulse economic growth, and therefore demand for crude.
12-month rolling deficit stands at $57.6 billion, Turkish central bank says