Thaler is professor at the University of Chicago. (Born 1945 in East Orange)
Professor Thaler has been awarded the Nobel Prize for his work on integrating economics with psychology.
The statement, issued by the The Royal Swedish Academy of Sciences said that the Sveriges Riksbank Prize in Economic Sciences, in memory of Alfred Nobel 2017, said that the prize has been "awarded to Richard H Thaler for having 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," the Nobel jury said in a statement.
His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."
The 72-year-old takes home a nine million kronor (944,000 euros, USD 1.1 million) prize sum.
