Friday, 20 October, 2017

Nobel Prize-winning economist says he's nervous about stock market

Modi government had already put Nobel winner's idea into practice Nobel winner Richard Thaler praised 'demonetisation', but damned Rs.2000 notes
Marta Holmes | 11 October, 2017, 00:25

United States academic Richard Thaler has been awarded this year's Nobel Prize in economics for his contribution to behavioural economics. "People make a lot of mistakes in important decisions in consumption-saving and portfolio choices", said Kochov, who is an economic theorist but teaches a class at UR using Thaler's behavioral economics theories. And perhaps "his empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics".

The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves.

"I don't know about you, but I'm nervous, and it seems like when investors are nervous, they're prone to being spooked", he said, adding that "nothing seems to spook the market".

However, when Thaler was informed by a tweep that the BJP-led NDA government had chose to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"

While Americans have dominated the Nobel science and economics prizes, another category of researchers - women - have been few and far between.

Thaler was awarded the 2017 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on Monday. Indeed only one women - Elinor Ostrom in 2009 - has won the economics prize to date, and not a single individual women won any Nobel award in 2017.

The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, almost seven decades after the series of prestigious prizes that Nobel called for.

Recommended

How Liverpool have fared without their outstanding main Mane How Liverpool have fared without their outstanding main Mane The injury is especially badly timed for Klopp with Liverpool's bitter rivals Manchester United visiting Anfield on Saturday. The Senegalese star picked up a hamstring injury while on worldwide duty and is set to be out for up to six weeks.

Former LSU, NFL star YA Tittle dead at age 90 Former LSU, NFL star YA Tittle dead at age 90 Tittle ended up retiring after the 1964 season with 33,070 career yards and 242 career touchdown passes. It came right after Tittle had thrown an interception and he was hit hard on the play.

Pres. Trump: US Will Not Lift Sanctions on Cuba Pres. Trump: US Will Not Lift Sanctions on Cuba Police said, that the shooting which began late Sunday night left at least 58 people killed and more than 500 injured. Vice President Mike Pence also refuted the story, which claimed that he had to intervene to calm Tillerson's fury.

Saudis Eye US, Russian Missile-Defense Deals As Global Demand Rises Saudis Eye US, Russian Missile-Defense Deals As Global Demand Rises Saudi Arabia is a longstanding US ally in the Middle East and its arms deals with Moscow have caused disquiet in Washington.