Richard H Thaler won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 for his contributions to behavioural economics.
While giving away the prize, the Royal Swedish Academy of Sciences said that Thaler's work had "built a bridge between the economic and psychological analyses of individual decision-making.”
In sum, the field of behavioural science delves into looking for empirical evidence of common emotional biases that individuals face while making any decision.
Thaler's research on behavioural economics -- along with those of other protagonists Daniel Kahneman (Nobel prize winner 2002), his co-author Amos Tversky and Jack Knetsch -- turned conventional economic wisdom, that humans always act rationally and in their own interest, upside down.
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