2017 Nobel Prize in Economics Awarded to Richard H Thaler

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The 2017 Noble Prize For Economics was Awarded to the US economist Richard H Thaler. According to Swedish Academy of Sciences, Richard H Thaler has contributed in the field of behavioral economics.

According to a Reuter report, "In total, Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making," the award-giving body said on announcing the 9 million Swedish crown ($1.1 million) prize.

"His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy.

Officially, the 1968 economics prize was called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

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