Richard Thaler of US wins 2017 Nobel Economics Prize: All you need to know

He won the prize for his pioneering work to bridge the gap between economics and psychology

US economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioural economics, the Royal Swedish Academy of Sciences said on Monday.

"In total, Richard Thaler's contributions have built a bridge between the economic and psychological analyses of individual decision-making," the award-giving body said on announcing the 9 million Swedish crown ($1.1 million) prize.

"His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy."

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