US’s Richard Thaler wins Nobel economics prize for behavioral economics studies

US economist Richard Thaler has won the 2017 Nobel Economics Prize for his contributions in the field of behavioral economics. “In total, Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making,” the Royal Swedish Academy of Sciences said Monday. “His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics, which has had a profound impact on many areas of economic research and policy,” it added. The prize is 9 million Swedish krona ($1.1 million), Reuters said.