Behavioral Economics Pioneer Thaler Wins Nobel Prize for Economics

Modi government had already put Nobel winner's idea into practice

United States economist Richard Thaler on Monday won the Nobel Economics Prize for his pioneering work bridging the gap between economics and psychology, the jury said.

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.

UR Assistant Professor of Economics Asen Kochov described Thaler's foundational work in behavioral economics as "one of the main developments in economics in the last 50 years".

The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions.

Marsha Blackburn demands Twitter apologize for trying to 'censor' pro-life ad
Is this the only instance of Twitter blocking pro-life ads? "It's something that people wanted to see shut down". The decision does not prevent the original video from being posted by Blackburn and others on Twitter.

Richard Thaler, of the University of Chicago, was speaking in a phone call to a news conference immediately after the Nobel committee announced he is the victor of this years 9-million-kronor ($1.1-million) prize. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics. Interestingly enough, the Nobel Memorial Prize in Economic Sciences was never established in the will of Alfred Nobel, thus the "memorial" distinction from the other five established prizes.

The head of the Royal Swedish Academy of Sciences says the committees that choose Nobel Prize winners will meet this winter to discuss gender and ethnic diversity issues in the prestigious awards.

A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics.

Related News:

  • Mark Zuckerberg Talks About Hurricanes and Puerto Rico in Virtual Reality

    Mark Zuckerberg Talks About Hurricanes and Puerto Rico in Virtual Reality

    Moreover, they also announced the creation of population maps using Artificial Intelligence (AI). The company intends to help the flood-hit country via NetHope and the American Red Cross.
    Sixers sign Joel Embiid to five-year, $148 million max extension

    Sixers sign Joel Embiid to five-year, $148 million max extension

    The Sixers will get some salary-cap protection should the center miss significant playing time because of injuries. If he hits one of those triggers, Embiid stands to make up to $178 million, according to Wojnarowski.
    AstraZeneca PLC (NYSE:AZN) Holding Above Moving Averages

    AstraZeneca PLC (NYSE:AZN) Holding Above Moving Averages

    The stock of Globus Medical Inc (NYSE:GMED) has "Hold" rating given on Tuesday, September 26 by Needham. Metropolitan Life Insurance Ny stated it has 0.03% of its portfolio in Globus Medical Inc (NYSE:GMED).
  • Cowboys Owner Will Ban NFL Players Who Take a Knee

    Cowboys Owner Will Ban NFL Players Who Take a Knee

    The Dallas Cowboys' 35-31 loss to Green Bay seemed to have left team owner Jerry Jones in a particularly sour mood Sunday evening. According to Pro Football Talk, Jones may be basing his policy idea on NFL rules that say players should stand for the anthem.
    New Wave of Rohingya Refugees Reach Bangladesh

    New Wave of Rohingya Refugees Reach Bangladesh

    Myanmar's government regards them as illegal migrants from Bangladesh, even if they have lived in the country for generations. Rohingya refugees are shown crowded onto wooden boats as they set off to cross the Bay of Bengal on their way to Bangladesh.
    Dele Alli uses old-school picture to congratulate Harry Winks

    Dele Alli uses old-school picture to congratulate Harry Winks

    As well as being a fine player, Alli has caught the eye of Barcelona because of the price that Tottenham would want for him. The summer transfer window was one the craziest we have ever seen.
  • Michael Smith Reportedly Sitting out SportsCenter After Jemele Hill's Suspension

    Michael Smith Reportedly Sitting out SportsCenter After Jemele Hill's Suspension

    Jemele Hill , who had deemed President Trump a "white supremacist" on Twitter , has been suspended by ESPN on Monday . Hill , an African American woman, followed up with this: "His rise is a direct result of white supremacy".
    U.S.  takes control of group A with 1-0 win over Ghana

    U.S. takes control of group A with 1-0 win over Ghana

    Colombia on the other have had their best finish at number four, twice in the tournament, before. There's a lot of sunshine in Ghana , and there's a lot of sunshine here.
    Wisconsin scores final 21 to beat Nebraska

    Wisconsin scores final 21 to beat Nebraska

    Riley also nothed that the Huskers run attack was "feast or famine", but said that junior running back Devine Ozigbo ran hard. That included a 2-yard loss on the final play when reserve quarterback Jack Coan went down on one knee.
  • Blade Runner sequel off to slow start

    Blade Runner sequel off to slow start

    Based on the Hasbro toys and TV series, the movie's voice cast includes Emily Blunt , Kristin Chenoweth, Uzo Aduba, and Sia. Kingsman: The Golden Circle and American Made are duking it out to complete the top five, both on around $8.1 million.
    Harvey Weinstein fired from the Weinstein Company

    Harvey Weinstein fired from the Weinstein Company

    Last week, Weinstein was accused of a series of sexual harassments and assaults by a number of women over a number of decades. The ride-hailing company also backed a new investment by Japanese technology conglomerate SoftBank.
    Vegas shooting leads Chicago Marathon to increase security

    Vegas shooting leads Chicago Marathon to increase security

    Further information about Las Vegas shooter Stephen Paddock is slowly coming out in the days since the deadly shooting Sunday. Investigators say they now do not have information which links Paddock to more assailants.


Most liked

Sigurdson's Strike Sends Iceland To Russia — FIFA WC Qualifier
Having defeated 2-0 by Iceland , Kosovo could just bag a single point in their maiden attempt to qualify for the global event. Macedonia demolished Liechtenstein 4-0, as the visitors conclude their campaign with a solitary goal and zero points.

Snap Inc (SNAP) Unveils "Context Cards" To Provide Background On Snaps
Additional cards may contain reviews, hours of operation , phone numbers and links to hail a ride or book a reservation. The update will be available for iOS and Android users of the app in the US, Canada, Australia, New Zealand and the UK.

Trending: Argentina have to step up, follow Lionel Messi example - Jorge Sampaoli
The Argentinians now lie in sixth, outside of the automatic qualification positions and the fifth-placed play-off berth. Peru knows one thing: Win at home against Colombia and they're in the World Cup for the first time since 1982.

Walmart expects surge in online sales as its digital strategy ramps up
Walmart has estimated that 90% of the USA population lives within 10 miles of one of its more than 4,700 stores. A key to Wal-Mart's e-commerce push is leveraging its extensive network of physical store locations.

Las Vegas gunman left behind trail of clues but no answers
He fired 200 shots through the door, down the hall, wounding the guard, who is said to have alerted other security officials. Paddock first shot the man approximately six minutes before unloading dozens of rounds from his Mandalay Bay resort suite.

Darvish earns 1st playoff win in majors as Dodgers advance
Bellinger , who may follow Seager as NL Rookie of the Year, also brought home Chris Taylor with a groundout in the first inning. Kenley Jansen earned his second save of the series as the closer appeared in all three games for the Dodgers of the NLDS.

Anaheim Hills Wildfires Threaten Disneyland and Disney's California's Adventure
The Atlas Fire is one of multiple blazes in Northern California responsible for 13 deaths and more than 100,000 acres burned. Authorities have ordered evacuations of neighborhoods and two elementary schools and shut down heavily traveled freeways.

India vs Australia, 2nd T20I: Australia finally record a win that matters
Behrendorff also became the first bowler to send Kohli back to the pavilion without troubling the scorers in T20 global cricket. India clinched a comprehensive nine-wicket victory in a rain-truncated first T20I encounter JSCA Stadium on Sunday.

13th patient at overheated Florida nursing home dies
The rehabilitation center at Hollywood Hills informed state officials that the facility is closing its doors. On the same day, police announced the death of 95-year-old Francesca Andrade, bringing the toll to 14.

Google Home Max makes the Assistant blast music
It can adjust the sound dynamically in relation to its position in the room and tune to the ideal sound setting within seconds. It's a stereo speaker with two 4.5-inch woofers and a couple of tweeters flanking them for much-improved bass performance.

Father of missing Richardson girl arrested
The small girl, who was last seen wearing black leggings with a pink shirt and pink sandals, has not been seen since then. The family had reportedly been in contact with CPS previously, though no exact details of the contact was released.

Nadal beats Kyrgios to win China Open
By the time the penalty was awarded, Nadal was completely in control and made his way to a 5-0 lead in the second set. The second set was even more competitive and the attritional seventh game turned out to be a turning point.

Plan fire escape route, officials urge
If not, the EFD will replace the batteries in the smoke detector (s) or provide a free smoke detector for the household. People also were able to see the difference a fire sprinkler system makes through the department's burn demonstration.

Woman killed after running over cop in busy South Beach strip
After people surrounded her auto , pleading with her to get out, the woman reportedly hit the gas and ran over a police officer. The driver lost control and then struck a parked white SUV on the east corner of 12th Street and Washington Avenue.

New Character Costumes Leaked
Enjoy an early look at four Legendary skins for the Overwatch Halloween Terror seasonal event set to start on October 10th. Called the 2017 Halloween Terror event , fans will get to dress up their favorite character in new themed character skins.