Thaler, the University of Chicago professor who this week won the Nobel Prize in economics, expressed his views about President Donald Trump in the form of a simple, unflattering number.
"In total, Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making", the committee added in a statement.
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". Thaler is one of the founding fathers of behavioural economics, a field that shows that people often make irrational decisions, that don't serve their best interests.
Other countries like UK, USA and Australia also have such units.
David Laibson, chair of Harvard University's economics department, said many of Thaler's theories have been widely applied by business and government, aiming to get individuals to do a range of actions such as paying parking tickets and getting flu shots.
"I don't know about you, but I'm nervous, and it seems like when investors are nervous, they're prone to being spooked", Mr. Thaler said, "Nothing seems to spook the market" and if the gains are based on tax-reform expectations, "surely investors should have lost confidence that that was going to happen".More news: Rodgers comes to Packers' rescue
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The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.
However, when Thaler was informed by a tweep that the BJP-led NDA government had chose to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"
The concept has now expanded to the United States and even Australia.
While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.
The Royal Swedish Academy of Sciences announced the Nobel Prize 2017 award Monday.