The Nobel prize in Economics went to a former adviser of Barack Obama

The Nobel prize in Economics went to a former adviser of Barack Obama

Monday, October 9, the Nobel Committee at the Royal Swedish Academy of Sciences has determined who this year will get the award of the State Bank of Sweden in memory of Alfred Nobel.

One of the winners was the American Richard H. Thaler is a specialist in behavioral Economics, Professor of the University of Chicago and a former adviser to Barack Obama.

Tayler received an honorary award for contributions to behavioral Economics. According to the official press release, merit 72-year-old scientist consists in the combination of psychology and Economics and the creation of a new research area in which ideas of psychoanalysis are applied to economic decision-making.

Theiler was one of the founders of the theory of the field of behavioural Financewhich studies how cognitive limitations affect the financial markets.

Studying social preferences of people and the effects of such psychological factors such as bounded rationality and lack of self-control, theiler proved that they affect not only individual decisions but also on the economy as a whole.

Winner argues that these studies made significant changes to the pension system around the world.

The Nobel prize — not the first award of the scientist. In 2005 he became a laureate Samuelson.

For their latest research, he will get 9 million Swedish kronor, equivalent to 1 million dollars. The award ceremony will be held on October 10 — the day of Alfred Nobel’s death. It is noteworthy that the late patron did not include economists in the will. According to one version, he did not favor them for the reason that his beloved woman stole a mathematician.

Award for merits in the economy was established after Nobel’s death at the initiative of the State Bank of Sweden.

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