Thaler told the Nobel committee by videoconference he was "pleased" by the award. If so, you've effectively broken the laws of traditional economics, but you've also confirmed over 40 years of research by American economist Richard Thaler.
On November 8, PM Modi shocked the country when he announced that the government was banning Rs 500 and Rs 1000 notes in a bid to promote cashless economy and control corruption. He is a Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business, Illinois. "I hope that in five years, ten years, we will see a very different distribution", Hansson said.
Richard Thaler, founder of a line of thought described as "behavioral economics", this week was designated the victor of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017.
A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics. Thaler's research upended the conventional wisdom and showed that human decisions are sometimes less rational than assumed, and that psychology in general - and concepts such as impulsiveness - influence many consumer choices in often-predictable ways.
Thaler was awarded the 2017 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on Monday.
The 72-year-old was described by the Nobel Prize academy as being "a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making".
The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 - the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel.