Earlier this month, the behavioural economist Richard Thaler, was awarded this year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The award is more popularly called the Nobel Prize in Economic Sciences.
Behavioural economics is an area of economics that looks at psychological aspects of human behaviour to understand economic decision making.
It draws from the idea that humans are irrational beings and to drive them towards optimal behaviour they need suitable nudges.
