Thaler told the news conference that he will likely use the prize money in ways consistent with his research.
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The Nobel prize in economics has been awarded to Richard Thaler of the University of Chicago for research showing how people's choices on economic matters – whether on savings or game shows like "Deal or No Deal" – are not always rational.Thaler is considered one of the founding fathers of behavioral economics, a field that shows that far from being the rational decision-makers described in economic theory, people often make choices that don't serve their best interests.In 2008, Thaler co-wrote a paper examining the choices contestants face in games such as the TV show "Deal or No Deal," including about how early outcomes affect decisions later in the game.Thaler Monday told the news conference that he wouls likely use the prize money in ways consistent with his research. Thaler is not the first behavioral economist to win the Nobel.
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