Finance | October 9, 2017 8:37 am

Behavioral Scientist Wins Nobel Prize in Economics

A University of Chicago professor took home the prestigious award on Monday.

University of Chicago Graduate School of Business professor Richard H. Thaler. (Photo by Ralf-Finn Hestoft/Corbis via Getty Images)
University of Chicago Graduate School of Business professor Richard H. Thaler. (Photo by Ralf-Finn Hestoft/Corbis via Getty Images)

Professor Richard H. Thaler was awarded the Nobel Memorial Prize in Economic Science on Monday for his contributions and pioneer in the field of behavioral economics, the New York Times is reporting.

“In order to do good economics you have to keep in mind that people are human,” Thaler said after winning the prize, explaining that this ideology is the basic premise of his theories.

Thaler, who is a full-time faculty member at the University of Chicago, has demonstrated in his research that the role of social preferences and self-control are viral to consider when analyzing the limitations people may have in managing their finances.

Science notes that Thaler will receive 9 million krona, or more than $1 million, as part of his prize. When asked how he plans on using the money, Thaler quipped:  “I will try to spend it as irrationally as possible.”