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Nobel Goes To American Richard Thaler For Work In Behavioral Economics

The Swedish Academy said it was awarding Thaler the prize in economics for his pioneering work in incorporating "psychologically realistic assumptions into analyses of economic decision-making."

Updated at 7:20 a.m. ET

The 2017 Nobel Prize in Economic Sciences has been awarded to Richard Thaler of the University of Chicago for his pioneering work in behavioral economics.

The announcement from the Royal Swedish Academy of Sciences in Stockholm said the 72-year-old Thaler "has incorporated psychologically realistic assumptions into analyses of, and , he has shown how these human traits systematically affect individual decisions as well as market outcomes," the committee said

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