On Monday, the 2017 Economic Sciences Nobel prize was awarded to Richard H. Thaler, a professor at University of Chicago, USA, for his contributions to behavioural economics by the Royal Swedish Academy of Sciences. 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. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.
Thaler will receive a 9 million kroner ($1.1 million) cash prize for his work.
US economist Richard Thaler, of the University of Chicago Booth School of Business, speaks during a news conference after winning the 2017 Nobel Economics Prize in Chicago, Illinois, US.
The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves.
While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.
Here's a good news for the Modi-led government by the The Royal Swedish Academy of Sciences: 2017 Economics Nobel prize victor Richard Thaler had praised the demonetisation of old Rs 500 and Rs 1000 notes announced by Indian PM Narendra Modi on November 8.
Since it was first awarded in 1969, Americans have dominated the economics prize, with 56 of the 79 laureates holding United States citizenship, including those who have dual nationalities.