U.S. economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics, showing how human traits affect supposedly rational markets.
Thaler brought to prominence the idea of "nudge" economics, where humans are subtly guided toward beneficial behaviors without heavy-handed compulsions, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world.
In his award citation, the Academy said his research had harnessed psychologically realistic assumptions in analyses of economic decision- making, exploring the consequences of limited rationality, social preferences, and lack of self - control.
"In total, Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making," the award-giving body said on announcing the 9 million Swedish crown ($1.1million) prize.
"He empirical findings and theoretical insights have been instrumental in creating the new and rapidly ex- panding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."
