The University of Chicago's Richard Thaler was awarded the 2017 Nobel Prize in Economics for his work in examining the psychology behind individual decision making. In giving Thaler the award, the Royal Swedish Academy of Sciences said, "His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."
Thaler is director of the Center for Decision Research and co-directs the Behavioral Economics Project at the National Bureau of Economic Research. He co-authored the book "Nudge" which examined how people make bad or irrational decisions.
When it comes to the $1.1 million associated with the award, Thaler jokingly said that he plans to spend the cash "as irrationally as possible."
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