Mumbai: While the world watched United States economist Richard Thaler win the Nobel prize for economics on Monday, little is known about how the Modi government has been putting his famous "Nudge economics" theory into practice for a while now. And perhaps "his empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics". Thaler's experimental work revealed people often make irrational economic choices, Kochov said. The Nobel committee said Thaler has provided a "more realistic analysis of how people think and behave when making economic decisions".
UR Assistant Professor of Economics Asen Kochov described Thaler's foundational work in behavioral economics as "one of the main developments in economics in the last 50 years".
Their book, titled Nudge: Improving Decisions about Health, Wealth, and Happiness became popular with some western politicians seeking ways to encourage their citizens to save and live healthily, without incurring voters' wrath for raising taxes or banning behaviour outright.
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Other countries like UK, USA and Australia also have such units.
"I will say that I will try to spend it as irrationally as possible", he said. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.
He added that he intends to use the prize money to support further research.
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The Swedish National Bank Prize in Economic Sciences in Memory of Alfred Nobel was first granted to its first recipients, Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands, nearly 70 years after the series of prestigious prizes that Nobel helped establish through funding set aside in his will.
A University of Rochester graduate and former faculty member is the latest recipient of the Nobel Prize for economics.
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