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American Richard H. Thaler wins Nobel Prize in economics
An American professor won the Nobel Prize in economics on Monday for groundbreaking research into why people make bad decisions. Richard Thaler, whose work influenced the Obama administration and led to a cameo in "The Big Short," was cited for his research in the field of behavioral economics. He gets 9 million Swedish krona, or about $1.1 million. "I will try to spend it as irrationally as possible," he told reporters. Economics is built on the assumption that people make rational decisions based on the desire to increase their economic well-being. While economists have long known that isn't strictly true, ... (full story)