We’re all human: ‘Nudge’ theorist Thaler wins economics Nobel

U.S. academic Richard Thaler, who helped popularise the idea of “nudging” people towards doing what was best for them, won the 2017 Nobel Economics Prize Monday for his work on how human nature affects supposedly rational markets.

Influential in the field of behavioural economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term.

Thaler brought to prominence the idea of “nudge” economics, where individuals are subtly guided toward beneficial behaviours without heavy-handed compulsion, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world.

Indeed, between 2000 and 2013, U.S. academics won or shared the prize every year.

Indeed only one women — Elinor Ostrom in 2009 — has won the economics prize to date, and not a single women won any Nobel award in 2017 .

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Article source: http://www.dailystar.com.lb//Business/International/2017/Oct-09/422032-were-all-human-nudge-theorist-thaler-wins-economics-nobel.ashx