Nobel prize in economics 2017

TNPSC Current Affairs - October 2017 by TNPSC Guru

The 49^th Nobel Prize in Economics awarded to Richard H. Thaler from University of Chicago ,U.S "for his contributions to behavioural economics". Richard H.Thaler has combined psychology with economics to better understand human Decision making on Economics.

He has been honoured for recognizing that people don’t always act rationally when making economic decisions.  His work explores the consequences of limited rationality, social preferences, and lack of self-control, which shows how these human flaws systematically affect individual decision as well as market outcomes.

About Nobel Prize:

• Nobel Prize is an Annual international award honouring men and women for outstanding achievements in physics, chemistry, physiology or medicine, literature,Economics and for work in peace.
• It was awarded since 1901. Award was given annually as per the Alfred Nobel last will.
• Nobel Prize on Economics is also called Sveriges Riksbank prize in Economic Sciences.
• Till now only once it was given to the women, Elinor Ostrom