In the year 2017, the Nobel Prize announced in the field of economics.

Richard H. Thaler has been selected for the Nobel Prize in Economics. Earlier, former RBI governor Raghuram Rajan was also included in the list of probable Nobel prizes.

Significantly, Clarivate Analytics Academic and Scientific Research also creates a list of the potential winners of the Nobel Prize on the basis of their research.

Rajan was one of the six economists whom Clarivate Analytics included in his list this year.

Rajan's name came in the list for the work done in the field of corporate finance. Rajan is a big name in the world of international economy. Rajan, who became the first non-Western IMF Chief in the youngest age (40), got great fame after a paper presentation in 2005.

The Nobel Prize for Economics was announced today (10 October) to economist Richard Thaler. He was given this award for his work on bridge the gap between economics and psychology.

In 1945 he was born in East Orange, USA.

The Judge of the Nobel Prize said in a statement that Thaler's study tells how human characteristics such as limited rationality, social preference and lack of self-control affect a person's decision on a procedural basis, and in turn, It also has the effect.

Practical economics is the study of psychology. It is related to the economic decision-making process of individuals and institutions.

Secretary of Sweden's Academy of Sciences, Göran K. Hansson said that Thaler will be given an amount of 90 lakhs kronor ($ 1.1 million) for his study on 'Understanding the Psychology of Economics'.

The Nobel Committee said, Thaler's work shows how human traits affect the market's results and individual decisions.

The Academy, in its introduction to the Thaler, said that 72-year-old Thaler is the leading economist to study practical economics. This is an area of research, where study of compliance with psychological research is done during the process of financial decision-making. This helps in making a more realistic assessment of thinking and behavior while making financial decisions for individuals.

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