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."
Investors will also be tracking the start of an EU summit where Brexit will once again be the focus of attention.
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While optimism remains over the world economy and corporate earnings -- helping push global markets to all-time or multi-month highs -- investors moved carefully as they await the next catalyst.
BIST 100 index rises 1.18 pct while US dollar/Turkish lira rate stands over 3.63
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National Bank of Ethiopia says devaluation of its currency necessary to boost exports
In its latest forecast, the IMF predicted the Russian economy will expand by 1.8 percent in 2017 and by 1.6 percent in 2018.
Nobel committee says US economist was awarded for his contributions to behavioral economics
BIST 100 index falls over 3.5 pct while dollar/Turkish lira rate climbs to 3.68
Hong Kong's main stocks index hit a 10-year high after another record overnight close on Wall Street following more buoyant US data and hopes for tax reform, which has also boosted the dollar.