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US Academic Richard Thaler Wins Nobel Economics Prize

US Academic Richard Thaler Wins Nobel Economics Prize

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

To address these shortcomings, Thaler and Benartzi pioneered their "Save More Tomorrow" (SMarT) program created to help employees increase their savings rates gradually over time by overcoming self-control problems and other behavioral biases.

"By exploring the consequences of limited rationality, social preferences, and lack of self-control", Thaler "has shown how these human traits systematically affect individual decisions as well as market outcomes", the Swedish Academy said. In fact, he co-authored a book, Nudge, Improving Decisions About Health, Wealth and Happiness, which became a best-seller. "People make a lot of mistakes in important decisions in consumption-saving and portfolio choices", said Kochov, who is an economic theorist but teaches a class at UR using Thaler's behavioral economics theories. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

All 3 JeM fidayeen, BSF jawan killed, near Srinagar airport
Under cover of darkness, the militants cut a fence to enter the camp in the early hours of Tuesday, he added. The attack took place on the BSF 182 battalion camp which is near the Srinagar worldwide airport.

"I don't know about you, but I'm nervous, and it seems like when investors are nervous, they're prone to being spooked", Mr. Thaler said, "Nothing seems to spook the market" and if the gains are based on tax-reform expectations, "surely investors should have lost confidence that that was going to happen".

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?" 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.

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

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