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US economist Richard Thaler wins Nobel economics prize

STOCKHOLM: U.S. economist Richard Thaler won the 2017 Nobel Economics Prize for his contributions in the field of behavioral economics, showing how human traits affect supposedly rational markets, the Royal Swedish Academy of Sciences said on Monday. Thaler brought to prominence the idea of “nudge” economics, where humans are subtly guided toward beneficial behaviors without heavy-handed compulsion, the theme of a 2008 book he co-wrote which caught the eye of policymakers around the world. In his award citation, the…