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U.S. Economist Wins Nobel Prize

novelStockholm, Oct 9 (Prensa Latina) United States expert Richard Thaler obtained today the Nobel Prize in Economy for his research on consumers and investors.
The research points to the consequences of psychological and social mechanisms in the decisions of consumers, investors, jury argued to give him the award.

Thaler, 72, establishes a relation between psychology and economy, and shows that financial decisions are not always rational and deeply human.

The expert says those processes include a simple buy in a supermarket or a multimillionaire investment.

This economist revealed that certain human characteristics such as limited rationality, social preferences and the lack of self-control affect individual decisions and orientation of the markets.

The U.S. economist, born on September 12, 1945, is considered a notable theoretician in behavioral finances, that is, the research on human and social trends to better understand economic decision-making.

The reports say the Nobel committee described Thaler a pioneer in economy and psychology, transforming the economy to more humane.

Thaler, PhD in the University of Rochester (United States) expressed satisfaction for receiving the prize, in a videoconference with the Nobel Committee.

The Nobel 2017 season ends with the Economy award that was handed for the first time in 1969 and is officially called Prize of the Bank of Sweden in Economic Science, in memory of Alfred Nobel. The recognition was created on the three centuries of the Bank of Sweden, the oldest of its type in the world.

Of the 79 laureates, over one third were linked to the University of Chicago, where the economic school of the same name carried the school of thinking of Milton Friedman.

The prizes will be handed in Stockholm on December 10, anniversary of the death of its founder, industrial and philanthropist Alfred Nobel (1833-1896). Only the Nobel Peace Prioze is handed the same day it is announced, in Oslo, Norway.

In recent years, the winners of the Economy award were U.S. Oliver Hart and Finnish Bengt Holmström for their contribution to the theory of contracts (2016) and Scotsman Angus Deaton, for his analysis on consumption (2015).

The 2014 prize was given to Frenchman Jean Tirole, for his explanation on how to study and regulate the sectors in which there are few powerful enterprises.

Meanwhile, in 2013 the winners were U.S. Eugene F. Fama and Lars Peter Hansen, of the University of Chicago and Robert J. Schiller of Yale University, for his empiric analysis of prices in financial markets.

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