Nobel Prize in Economic Sciences Announcement

The Nobel committee, announcing the Nobel Prize in Economic Sciences in Stockholm, said that it was honoring Professor Thaler for his pioneering work in establishing that people are predictably irrational. The committee credited Professor Thaler for moving economics toward a more realistic understanding of human behavior. “In order to do good economics, you have to keep in mind that people are human,” Professor Thaler said at a news conference after the prize was announced.