"He's made economics more human," Nobel jury says, calling Thaler a pioneer on integrating economics and psychology.
Stockholm: US economist Richard Thaler won the Nobel Economics prize on Monday for showing that economic and financial decision-makers are not always rational, but mostly deeply human.
Bridging the gap between economics and psychology, Thaler's research focuses on behavioural economics which explores the impact of psychological and social factors on decisions by individuals or groups in the economy and financial markets.
"He's made economics more human," the Nobel jury said, calling Thaler "a pioneer" on integrating economics and psychology.
Thaler is well-known for co-founding the "nudge" theory, which demonstrates how people can be persuaded to make decisions that leave them healthier and happier.
"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 jury's statement said.
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