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Illinois Professor Wins Nobel Prize in Economics

11 October 2017
Illinois Professor Wins Nobel Prize in Economics

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

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.

On November 8, PM Modi shocked the country when he announced that the government was banning Rs 500 and Rs 1000 notes in a bid to promote cashless economy and control corruption.

He is a professor at the University of Chicago - a school popular with the Nobel economics committee.

Goran Hannsson said after the announcement of the economics prize on Monday that “I hope in five years, 10 years, well see a very different distribution.”.

"This has also been used in public pension systems in the United States and the general idea of "nudging". has made a breakthrough in public policy making", Torsten Persson, economics prize committee member, told Reuters.

"We are concerned, we are taking measures".

Richard Thaler may be able to build a "bridge between the economic and psychological analyses of individual decision-making", as the Royal Swedish Academy of Sciences explained in awarding him the Nobel Prize.

In other words, the professor explores the relationship between human psychology and corresponding economic and financial decisions. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.

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.