U.S. economist Richard Thaler has won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics. David Doyle reports
(SOUNDBITE) (English) ROYAL ACADEMY OF SCIENCES SECRETARY GENERAL, GORAN K. HANSSON, SAYING: "Richard Thaler is a pioneer in integrating economics and psychology" He is credited with paving the way for a new field in economics and now U.S. academic Richard H. Thaler has been awarded a Nobel prize for his work. The economist awarded for his contributions to the field of behavioural economics - his theories showing how human traits affect supposedly rational markets. It's 'nudge' economics - where humans are subtly guided without heavy-handed compulsion. (SOUNDBITE) (English) ROYAL ACADEMY OF SCIENCES SECRETARY GENERAL, GORAN K. HANSSON, SAYING: "Thanks to his contributions and discoveries this new field has gone from being a fringe and somewhat controversial part of economic to being a mainstream area of contemporary economic research." The economics prize is the last Nobel Prize awarded this year.