The 9-million-kronor ($1.39 million Canadian) prize was awarded to the academic for his “understanding the psychology of economics,” Swedish Academy of Sciences secretary Goran Hansson said Monday. On Monday, Thaler told the news conference that he will likely use the prize money in ways consistent with his research. Read more: Anti-nuclear weapons group wins Nobel Peace Prize ‘Remains of the Day’ writer Kazuo Ishiguro wins Nobel Prize for Literature Three win Nobel Prize in Chemistry for technique to see molecules’ details Peter Gardenfors, a member of the prize committee, said that one of the practical applications of Thaler’s work was development of the “save more tomorrow” strategy for retirement-savings accounts. The economics prize is something of an outlier — Alfred Nobel’s will didn’t call for its establishment and it honours a science that many doubt is a science at all. The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, nearly seven decades after the series of prestigious prizes that Nobel called for.

Source: thestar October 09, 2017 12:19 UTC