US economist wins Nobel Prize in economics

The Swedish Academy of Sciences is awarding the 2017 Nobel Economics Prize to U.S. economist Richard Thaler.

"In total, Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making," officials with the academy said when announcing the $1.1 million prize. "His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."

The award is officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

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