The 49th Nobel Prize for Economics has been granted to Richard Thaler, an Economics professor at the University of Chicago. “He’s made economics more human,” stated the Nobel committee.

Richard Thaler

Richard Thaler Photo Credit: National Institute of Health/Channel 2 News

The Nobel Prize Committee in Stockholm announced that Richard Thaler is the winner of the 49th Nobel Prize in economics. Thaler won the prize today (Monday) for 2017 for his work on behavioral economics and his analysis in a number of aspects within the psychology field and their influence on economic models.

Richard Thaler was born in New Jersey in 1945 and earned his PhD in economics at the University of Rochester. He is currently an economics professor at the University of Chicago.

The Nobel committee explained Thaler’s victory for the fact that he conducted much research, surveys and analyses and thanks to his contributions, the field of behavioral economics has become a central research field in economic research.

“He’s a pioneer of integrating economics and psychology,” the Nobel committee stated during the prize announcement. “He’s made economics more human.”