Nobel victor Richard Thaler praised 'demonetisation', but damned Rs.2000 notes

How Richard H. Thaler's Clear Thinking Led to a Nobel Prize in Economics

Thaler was awarded the Nobel Prize 2017 for Economics - officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.

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.

Kochov doesn't know Thaler personally but attended a summer seminar on behavioral economics that Thaler taught in Italy in 2010.

Richard Thaler works as a professor of Behavioral Science and Economics at the University of Chicago.

Demonstrating his sense of humor, when asked at the Nobel news conference what he planned to do with his prize money (about $1.1 million), Thaler said he planned to spend it "as irrationally as possible".

Oldest member of US Senate, Dianne Feinstein, announces re-election bid at 84
Feinstein said she supports DACA, but acknowledged the administration's argument that the order is on shaky legal ground. Kevin de Leon, who is term-limited as the Senate president pro tempore, are also known to be angling for higher office.

Thaler co-authored a book with Harvard's Cass R. Sunstein called "Nudge: Improving Decisions about Health, Wealth, and Happiness".

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis. Interestingly enough, the Nobel Memorial Prize in Economic Sciences was never established in the will of Alfred Nobel, thus the "memorial" distinction from the other five established prizes.

Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York.

While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.

The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, almost seven decades after the series of prestigious prizes that Nobel called for.

Related:

  • Google Addresses the Absence of a Headphone Jack in the Pixel 2

    Google Addresses the Absence of a Headphone Jack in the Pixel 2

    Considering Google's new direction, we are expecting to see more exclusive services and features for the Google hardware. Also, you can navigate to the Launcher settings and follow the below steps to enable the Pixel 2-like Google search box.
    United States  to sell $15 bln THAAD missile defense to Saudi Arabia

    United States to sell $15 bln THAAD missile defense to Saudi Arabia

    Turkey recently agreed to purchase the S-400 system from Russian Federation amid North Atlantic Treaty Organisation concerns over the deal.
    Long day: Western beats Buffalo in septuple OT

    Long day: Western beats Buffalo in septuple OT

    Donnie Ernsberger scores OT TD, and his sister (so says her jersey) runs on the field before the game is over. It did exactly that, with a 12-yard Jarvion Franklin touchdown run ending the marathon game in the seventh OT.
  • Iceland Qualified For The FIFA World Cup With A Thunderous Viking Clap

    Iceland Qualified For The FIFA World Cup With A Thunderous Viking Clap

    Iceland has successfully qualified for Football World Cup 2018, a great achievement, which was celebrated throughout the country. With Serbia winning 1-0 over Georgia to top Group D, the showdown in Cardiff was for the prize of a playoff berth in November.
    Supreme Court bans sale of firecrackers this Diwali in Delhi-NCR

    Supreme Court bans sale of firecrackers this Diwali in Delhi-NCR

    Diwali is on October 19 and the order effectively means that no firecrackers will be available for purchase before the festival. India's Central Pollution Control Board told the court it also wanted the ban to be restored.
    Ghana start with a win

    Ghana start with a win

    Perhaps playing the part of a polite guest, Colombia coach Orlando Restrepo demurred on his side's prospects for the game. It has been a long time getting to this stage but I believe every good thing takes time before yielding results.
  • Get Ready for President Ivanka Trump, Her Mom Says In New Book

    Get Ready for President Ivanka Trump, Her Mom Says In New Book

    They joined Trump at the White House in June, and Barron startd sixth grade at a private school in Maryland after Labor Day. One said: "I'm making a public plea to Melania Trump: stop with the sunglasses (and the heels at disaster areas)".
    Paddock's girlfriend unaware of shooting plan

    Paddock's girlfriend unaware of shooting plan

    He said that it was hard to believe that the weapons and ammunition found in his possession were acquired by him alone. Through her lawyer, Danley insisted she thought this was Paddock's way of preparing her for a breakup.
    Flawless  storm close to ruining Pakistan's proud Test series record in UAE

    Flawless storm close to ruining Pakistan's proud Test series record in UAE

    This is the sixth day-night Test with a pink ball since Australia and New Zealand played the first at Adelaide in December 2015. The pitch in Dubai shouldn't play a whole lot differently than Abu Dhabi, so there are runs to be had again.
  • Angelina used as 'honey trap' for Kony

    Angelina used as 'honey trap' for Kony

    Can Brad go with you?' Moreno Ocampo later added, "It will be great to spend more time with the American troops". Thus, we can read that Angelina Jolie " had the idea to invite Kony to dinner and it is stopped ".
    Brendan Steele retains Safeway Open title with two-shot victory

    Brendan Steele retains Safeway Open title with two-shot victory

    The last PGA Tour title won by Mickelson was back in 2013, the same year he won both the US Open and The Open Championship . Phil Mickelson , the 42-time PGA Tour victor beginning his 27th PGA Tour season, birdied the 18th from 7 feet for a 69.
    Rupp bursts clear to claim rare home Chicago Marathon win

    Rupp bursts clear to claim rare home Chicago Marathon win

    Kosgei hung on for second place in 2:20:22 as United States' superb day continued with third place for Jordan Hasay in 2:20.57. It is the first time since 2002 an American has won the men's Chicago Marathon .

Comments

Latest news

Snapchat Now Lets You Book Uber, Find Restaurants
Content partners for Snapchat's Context Cards include Gwyneth Paltrow's Goop , TripAdvisor, Foursquare, and Michelin. For now, only posts that use Geofilters or appear in Snap Map or Search will get the additional functionality.

Star Wars: The Last Jedi IMAX Exclusives Revealed
Tonally, the film appears to be the darkest yet in the saga with all sorts of destruction and potentially game-changing moments. It was confirmed over the weekend that the second Star Wars: The Last Jedi trailer is going to be released soon.

Catalan leader faces pressure to abandon secession plan
That shocked even many Catalans who were opposed to independence and sparked angry demonstrations against the police. Spain also sought to reassure worldwide investors concerned about the political situation in the country.

Rajnath Singh to inaugurate NIA headquarters in Delhi
The Minister was referring to the terror funding case the NIA has filed against Kashmiri separatist leaders as well as JeM chief Hafiz Sayeed.

White House "Calm Before The Storm" Explanation Comes Up Short
He is doing all these other despicable acts: He had said he wanted better relations with Russian Federation , but now they are at their worst level ever.

'Only One Thing Will Work' Against North Korea
He tweeted about it again, this time decrying 25 years of U.S. foreign policy in dealing with the perceived North Korean threat. Speaking to reporters on Saturday ahead of a trip to North Carolina, Trump said he had nothing more to clarify.

Rodgers Leads Packers Comeback Win
But you can only keep the man down for so long as he exceeded the 100-yard barrier on his 27th carry, and finished with 116. His extra point after a Rodgers touchdown pass to Nelson gave the Packers a 22-21 lead one play into the fourth quarter.

Football Legend, Hall of Famer YA Tittle Dies, 90
Tittle , who was just two weeks away from his 91st birthday, spent 10 seasons with the 49ers from 1951 through 1960. When Tittle left San Francisco, he went to NY to play for the Giants for the last four seasons of his career.

Permutations: The results Ireland need to reach play-off (Part 2)
Wales enter Monday in second place on the Group D table, with 17 points, after a 1-0 win against Georgia on Friday. A loss means Wales will finish third. "I will really have to think about it and replay the game again".

Las Vegas shooter booked Chicago hotel during Lollapalooza
Earlier Wednesday, the lawyer for Paddock's girlfriend, Marilou Danley, said Danley had no idea Paddock was planning any violence. Clark County Sheriff Joe Lombardo says it appeared Stephen Paddock had planned to survive Sunday's attack and had an escape plan.

Waston heroics lift Costa Rica into fifth World Cup
Honduras, however, took the lead after 66 minutes when Eddie Hernandez powered home a header from nine yards out. They must now hope to beat already-qualified Mexico and hope both Panama and the United States lose.

Sainz to replace Palmer at Renault from COTA
Gasly and Kvyat are now likely to form Toro Rosso's 2018 driver line-up, although Pascal Wehrlein is considered an outside contender.

Miami beats Florida State with game-winning TD
Bryant did not re-enter the game as Clemson (6-0, 4-0) beat the Demon Deacons (4-2, 1-2) for a ninth consecutive time. Delaney, who jumped in front of a ball thrown deep for receiver Nyquan Murray, gave Miami the ball at the FSU 47.

Raiders QB Derek Carr listed as questionable for Sunday
Lynch hasn't done much - 45 carries, 151 yards and a touchdown - and he has yet to carry the football at least 20 times in a game. Despite his efforts, it appears Carr will not be the man under center for the Raiders vs.

How giant balloons could restore wireless service in Puerto Rico
When it hit, it was almost a category 5 storm, and pummeled the island with gusts and rains for more than 30 hours. The balloons would provide voice and data service through local carriers to users' phones.

Other news