Press Statement 17-007
Statement on the Nobel Prize for Economics 2017
2017 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel awarded to Richard H. Thaler
October 10, 2017
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The 2017 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Richard H. Thaler of the University of Chicago "for his contributions to behavioral economics." Thaler's research incorporates findings from psychology into the analysis of economic decision-making. Examples include the examination of extreme sensitivity to losses relative to gains on financial decisions and how perceptions of fairness affect consumers' purchase decisions and limit the ability of firms to change prices.
The National Science Foundation (NSF) supported Thaler for research into investor decisions in retirement planning. This project helped to establish behavioral analysis of financial markets.
NSF Director France Córdova issued the following statement on the announcement:
The groundbreaking work of Richard Thaler has helped launch behavioral economics as a field of basic research. NSF is proud to have supported his work on how individuals rely on short-term horizons in making financial decisions that have long-term consequences for market outcomes. His work has been used by governments and employers around the world to make it easier for people to achieve their goals for health and retirement.
Stanley Dambroski, NSF, (703) 292-7728, email: firstname.lastname@example.org
The U.S. National Science Foundation propels the nation forward by advancing fundamental research in all fields of science and engineering. NSF supports research and people by providing facilities, instruments and funding to support their ingenuity and sustain the U.S. as a global leader in research and innovation. With a fiscal year 2020 budget of $8.3 billion, NSF funds reach all 50 states through grants to nearly 2,000 colleges, universities and institutions. Each year, NSF receives more than 40,000 competitive proposals and makes about 11,000 new awards. Those awards include support for cooperative research with industry, Arctic and Antarctic research and operations, and U.S. participation in international scientific efforts.