Behavioral Economics Pioneer Thaler Wins Nobel Prize for Economics

Economics Nobel nudges behavioral economist into the limelight

Much before United States economist Richard Thaler won Nobel prize for economics, the Narendra Modi government had put his famous theory in practice by dedicating a separate unit to it. Thaler popularised the idea of "nudge economics", which emphasises subtly guiding humans toward beneficial behaviours without forcing them to comply.

Thaler's award-winning theory in behavioural science propounds on the idea that subtle "nudges" can guide human behaviour towards developing habits that are beneficial in the long run, without forcing them to comply. Thaler's experimental work revealed people often make irrational economic choices, Kochov said.

Richard Thaler is a University of Chicago professor whose work influenced the Obama administration.

Their book, titled Nudge: Improving Decisions about Health, Wealth, and Happiness became popular with some western politicians seeking ways to encourage their citizens to save and live healthily, without incurring voters' wrath for raising taxes or banning behaviour outright. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.

"There's also a nudging unit for the United Kingdom government, there's one for the Australian government, it even affects the Swedish government when they think about these things"'.

Iceland, Serbia reach World Cup finals, Ireland upsets Wales
Predicting Iceland would now win the World Cup , humorous Icelandic website the Reykjavík Grapevine tweeted: "The Ice Age cometh". The victor will take on the team which finishes fourth in the CONCACAF section over two legs for a place in Russian Federation .

However, when Thaler was informed by a tweep that the BJP-led NDA government had made a decision to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"

The economics prize is something of an outlier - Alfred Nobel's will didn't call for its establishment and it honors a science that many doubt is a science at all.

While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.

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

Related news:

Hot News

isis-killer-beheading-video-story-top Trump commends Dallas Cowboys owner, Jerry Jones for warning players
Oct 11, 2017 - 00:25
And my understanding of what both of those guys did based on the conversations I had with them was that occurred after the anthem. Asked whether the Cowboys' owner's mandate puts him in an uncomfortable position, Garrett said: "You can ask Mr.

isis-killer-beheading-video-story-top Virginia Magistrate Seeks Arrest of Man Beaten During White Supremacist Rally
Oct 11, 2017 - 00:24
A black man who was caught on video being beaten by Charlottesville protesters in August is now facing felony charges. Stephen Upman said that an unnamed alleged victim detailed the events that occurred prior to the beating of Harris .

isis-killer-beheading-video-story-top Southwest Offering Blockbuster $49 Flights From Detroit Metro Airport
Oct 11, 2017 - 00:23
Worldwide travel is available at low fairs between October 31 through December 13, 2017 and January 10 through March 2, 2018. Worldwide travel is valid from October 31, 2017 to December 13, 2017, and again from January 10, 2018 to March 2, 2018.

isis-killer-beheading-video-story-top Snapchat's new Context Cards give users less reason to search
Oct 11, 2017 - 00:22
Snapchat, which boasts a young-skewing audience, averaged 173 million daily users worldwide in the second quarter. The Context Cards will provide information like reviews, maps and tips about whatever you're watching on the app.

isis-killer-beheading-video-story-top Here's why: Tesla is struggling to build the Model 3
Oct 11, 2017 - 00:17
Such utterances didn't stop the company's shares falling back 4 per cent on Monday, their first setback in six sessions. A few weeks after the devastating hurricane "Maria" is a big part of this island remains without electricity.

isis-killer-beheading-video-story-top Apple iPad Pro 2018 models to feature Face ID: Ming-Chi Kuo
Oct 11, 2017 - 00:14
Nomura reissued a "buy" rating and issued a $165.00 price objective on shares of Apple in a research note on Wednesday, July 5th. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple .

isis-killer-beheading-video-story-top Trump to Tillerson: Let's have an IQ contest
Oct 11, 2017 - 00:13
Trump's tense relationship with Tillerson burst into public view last week. "I'm, like, a really smart person". This is not the first time Kelly has been at odds with Trump since he was appointed chief of staff in July.

isis-killer-beheading-video-story-top Accountability court grants bail to Sharif's daughter
Oct 11, 2017 - 00:11
Maryam will appear in an accountability court on Monday for the hearing of three references related to the Panamagate case. The judge however rejected the plea and granted bail to the couple against a surety bond of Rs 5 million ($47,000) each.

isis-killer-beheading-video-story-top How Does Bank of America Corporation (BAC) Stack Up Right Now?
Oct 11, 2017 - 00:09
The stock of AAC Holdings Inc (NYSE:AAC) has "Underperform" rating given on Wednesday, November 9 by Mizuho. Hall Laurie J Trustee holds 0% of its portfolio in Bank of America Corp (NYSE: BAC ) for 12,732 shares.

isis-killer-beheading-video-story-top Boris Johnson sends Whatsapp message telling 'friends' to stop attacking Theresa May
Oct 11, 2017 - 00:08
Still, the Sunday Times , citing Tories it didn't identify, said half May's Cabinet want her to stand down in the next two years. Asked what she might do with him, May said "It has never been my style to hide from a challenge and I'm not going to start now".

isis-killer-beheading-video-story-top Sri Lanka whitewash Pakistan in UAE
Oct 11, 2017 - 00:08
Pakistan were forced to play at the neutral venue following a deadly terrorist attack on the Sri Lanka team in Lahore in 2009. They themselves were playing the first series since the retirements of Misbah and Younis Khan.

isis-killer-beheading-video-story-top Is it Apple's intention to slow down older devices?
Oct 11, 2017 - 00:07
Since Apple has chose to tease which emojis will be coming out with iOS 11.1, we thought we would give you a small rundown. More faces, of course, including star-struck , a literal head exploding face and an emoji that raises one eyebrow .

isis-killer-beheading-video-story-top Duterte's public support falls amid killings in drug war
Oct 11, 2017 - 00:07
Presidential spokesman Ernesto Abella shrugged off the survey results, saying in jest that Filipinos still "love" Duterte. The president recorded a net trust rating of 60%, plummeting 15 points from the 75% score in the previous quarter.

isis-killer-beheading-video-story-top Brush Fire in Anaheim Hills Threatens 1000 Homes
Oct 11, 2017 - 00:05
Governor Jerry Brown has declared a state of emergency for the northern and southern California counties impacted by the fires. At least 500 firefighters are reportedly battling the fierce flames and are going from house to house evacuating people.

isis-killer-beheading-video-story-top Trump Might Visit DMZ Between North Korea and South Korea
Oct 11, 2017 - 00:05
The exercise involved South Korea's air defense unit and soldiers from the USA 6th Battalion, 52nd Air Defense Artillery Regiment. According to multiple sources, North Korean special forces conducted paragliding training on a number of days in mid-September.