Nobel Prize in Eonomics 2017

American Richard H. Thaler wins Nobel Prize in economics.An American professor won the Nobel Prize in economics on Monday for groundbreaking research into why people make bad decisions.Economics is built on the assumption that people make rational decisions based on the desire to increase their economic well-being. While economists have long known that isn't strictly true, Thaler was a pioneer in studying why people sometimes make irrational decisions, and how they can be encouraged to make smarter ones. "He's made economics more human," said Peter Gärdenfors, a member of the committee that awarded the prize. Thaler, 72, of the University of Chicago, told the press that the most important value of his work was the understanding that "in order to do good economics, you have to keep in mind that people are human."