This year, US behavioral economist Richard Thaler receives Alfred Nobel Memory prize for economics. This was known as Royal Swedish Academy of Science in Stockholm. Thaler is currently teaching in Chicago. He was awarded for his contributions to behavioral economics, as jury explained. These are psychological factors that are behind economic decisions.
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The professor of University of Chicago was a “pioneer of behavioral economics” and received award for his contribution to understanding of psychology of economics, jury shared. “His empirischenBefunde and oretical knowledge was instrumental in DieSchaffung new and rapidly growing area of DerVerhaltensökonomie, which has had a profound influence on a large oak tree of economic research and politics,” it said. The 72-year-old show how human properties influenced decisions of individuals and also market outcomes.
Laureate Thaler himself summed up most important knowledge from his research by saying: “Economists are human, economic models must take that into account.” This was said by US researcher in a telephone conversation with Science Academy in Stockholm. The Academy had torn 72-year-old in Chicago out of bed to inform him of his award. His first thought was that he no longer had to call his friend Eugene Fama as a professor, said Thaler. Fama had won 2013 Nobel Prize for economics.
Award-Nobel Prize goes to Richard H. Thaler US behavioral economist Richard Thaler has been awarded Nobel laureate in economics. He explores psychological factors behind economic decisions. © Photo: Universität Zürich/DPA
After prize money of around 940 000 euros asked, Thaler jokingly said that one of his specialties was “mental accounting”. Therefore he could not answer aloud what he was going to do with it. He will “try to spend it as unreasonable as possible”.
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Last year, US-American Oliver Hart and Finn Bengt Holmström had received Nobel Prize for research into contract constructions. Economists from United States have dominated award since first creation of 1969. Only one German has been honored so far: Bonn game orist Reinhard seldom in year 1994.
The award, which is just under a million euros, does not go back to testament of inventor Alfred Nobel. It is refore not considered a classic Nobel prize. The Swedish Reichsbank donated price 1968 retrospectively. Neverless, economic prize is awarded toger with traditional categories of medicine, physics, chemistry, literature and peace on 10 December- anniversary of death of laureate.
