US economist, Richard Thaler, has been awarded Nobel Prize for Economics for this year. He is one of the founding fathers of behavioural economics. The Nobel prize panel said his work had immensely contributed to an understanding of the psychology of economics.
Prof Thaler, of the University of Chicago Booth, has written the global bestseller, Nudge, which uses behavioural economics to tackle many of society’s major problems.
His prize includes 9m Swedish kroner (£845,000).