Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York.
To address these shortcomings, Thaler and Benartzi pioneered their "Save More Tomorrow" (SMarT) program created to help employees increase their savings rates gradually over time by overcoming self-control problems and other behavioral biases.
On November 8, PM Modi shocked the country when he announced that the government was banning Rs 500 and Rs 1000 notes in a bid to promote cashless economy and control corruption.
UR Assistant Professor of Economics Asen Kochov described Thaler's foundational work in behavioral economics as "one of the main developments in economics in the last 50 years". "I hope that in five years, ten years, we will see a very different distribution", Hansson said.
"This has also been used in public pension systems in the United States and the general idea of "nudging". has made a breakthrough in public policy making", Torsten Persson, economics prize committee member, told Reuters.
Demonstrating his sense of humor, when asked at the Nobel news conference what he planned to do with his prize money (about $1.1 million), Thaler said he planned to spend it "as irrationally as possible".
"We are concerned, we are taking measures".
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 is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making, a background paper from the academy said. Thaler has always been known for challenging a foundational concept in mainstream economics, namely, that people by-and-large behave rationally when making purchasing and financial decisions.
The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, almost seven decades after the series of prestigious prizes that Nobel called for.