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American economist Richard Thaler,a professor at the University of Chicago, has won this year's Nobel Prize for Economics 2017. The Royal Swedish Academy of Sciences honored him with this award "for his contributions in the field of behavioural economics, showing how human traits affect supposedly rational markets".
His theory explains "how people simplify financial decision-making by creating separate accounts in their minds, focusing on the narrow impact of each individual decision rather than its overall effect".
Former RBI Governor and renowned economist Raghuram Rajan was also among those speculated to having been nominated for the top prize. But he couldn't make it to the final selection.Economy is the last of this year's Nobels. The prizes for physiology or medicine, physics, chemistry, literature and peace were all awarded last week.
Important Note : The economics prize was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will. This prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.
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