Nobel Economics 2017 honors University of Chicago Professor

The 2017 Nobel Prize in Economics was awarded to Richard H. Thaler, a professor at the University of Chicago, for his contributions to economic science.

The Swedish Academy of Sciences on October 9 announced the owner of the 2017 Nobel Prize in Economics, Professor Richard H. Thaler at the University of Chicago.

Mr. Thaler is described as a pioneer in combining psychology and economics. His work is considered to pave the way for a new field in economics.

Prof. Thaler's research has shown how psychology affects economics , thus explaining behavior in economics. His contributions in behavioral economics have been recognized by the Swedish Academy of Sciences.

Richard Thaler.(Photo: CNBC).

Prof. Thaler also launched a program called 'More savings for tomorrow' with the aim of helping people make personal financial decisions based on long-term plans. According to Thaler, economic actors are essentially human, so economic models must be associated with people.

The 2016 Nobel Prize in Economics belongs to two economists Oliver Hart and Bengt Holmstrom for their comprehensive contributions in analyzing many issues in contract design, such as job-based payment rates for leading positions. directives, deductibles and parties to pay insurance . Mr. Hart is an economics professor at Harvard University (USA) and Mr. Holmstrom is a professor of economics and management at Massachusetts Institute of Technology (USA).

Nobel Prizes are made by Alfred Nobel, a Swedish businessman and inventor, the most prominent of which is the invention of explosives. The first Nobel Prize was awarded for the first time in 1901, five years after Mr. Nobel died.

Initially, the award only had 5 categories including Physics, Chemistry, Medicine, Literature and Peace. It was not until 1968 that the Swedish central bank took the initiative to add a Nobel Prize to economists.

According to Alfred Nobel's wishes, the Nobel Peace Prize was decided by the Norwegian Nobel Prize Committee. Meanwhile, other Nobel prizes were awarded in Sweden and decided by the Swedish Academy of Sciences.

Currently, each Nobel Prize includes a gold medal, a certificate and a prize worth 8 million Swedish kronor (equivalent to 930,000 USD).

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