Richard Thaler wins Nobel prize for economics

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Three of the prize committees are within the sciences academy. Mr. Thaler, who has made a career of studying irrational and temptation-driven actions among economic actors and won the Nobel for such contributions to behavioral economics, expressed misgivings about the low volatility and continued optimism among investors.

Harvard professor Brigitte Madrian, who researches behavioral economics and household finance, tells CNBC Make It that recognizing these tendencies is very important when making decisions about how to invest your time and money.

"I will say that I will try to spend it as irrationally as possible", he said.

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Mumbai: While the world watched U.S. economist Richard Thaler win the Nobel prize for economics on Monday, little is known about how the Modi government has been putting his famous "Nudge economics" theory into practice for a while now.

Thaler will receive a 9 million kroner ($1.1 million) cash prize for his work.

The prize was awarded for “understanding the psychology of economics, ” Swedish Academy of Sciences secretary Goeran Hansson said Monday. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions.

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"By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes", the Nobel jury said in a statement. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said. The first prize for the field of economics was first handed out in 1969 while Alfred Nobel established the prizes himself in 1895 by signing his last will.

The last of the Nobel prizes to be awarded this year is something of an outlier — Alfred Nobels will didnt call for its establishment and it honors a science that many doubt is a science at all.

Despite this, the economics prize is widely considered to be an equal to the other Nobel awards.

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