Richard Thaler wins 2017 Nobel prize in economics

The Nobel economics prize 2017 has been awarded to Richard Thaler (72-years)of the University of Chicago for his contributions to behavioural economics. Thaler is an American economist & the Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. The 9-million-kronor (1.1 million US Dollars) prize was awarded to the academic for his understanding the psychology of economics. Behavioural economics, a research field in which insights from psychological research are applied to economic decision making.