Robert Thaler wins the Nobel Prize for Economics

The Royal Swedish Academy of Sciences, this year awarded Richard Thaler the Nobel Prize for Economics. Thaler, it said, has incorporated “psychologically realistic assumptions into analyses of economic decision-making.”

“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,” it said in a release while announcing him as the winner of the Nobel prize.

Former RBI governor Raghuram Rajan who had gone back to academics just before the demonetisation decision is also working as Professor of Finance, University of Chicago Booth School. Raghuram Rajan has recently stated that he was never a supporter of demonetisation.