The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017, informally called the Nobel Prize in Economics, has been announced.
And no, Raghuram Rajan has not won the Nobel Prize, despite a private analytics firm predicting that the former Reserve Bank of India governor is among those likely to win the award. The Economics Nobel, which technically is not a Nobel award, has instead been awarded to Richard H. Thaler, a US-born 72-year-old professor, “for his contributions to behavioural economics”.
In a press release, the The Royal Swedish Academy of Sciences, which awards the Economics prize, said “by exploring the consequences of limited rationality,social preferences, and lack of self-control, [Thaller has] shown how these human traits systematically affect individual decisions as well as market outcomes.”
Richard Thaler’s contributions have built a bridge between the economic and psychological analyses of individual decision-making, the statement says. “His empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioural economics, which has had a profound impact on many areas of economic research and policy.”
Over the weekend, Indian media was abuzz with the findings of Clarivate Analytics, a research firm, that had named Rajan among those likely to win a Nobel Prize in Economics. However, it must be noted that the Clarivate’s prediction aren’t time bound.
That is, if Rajan were to win a Nobel in Economics in the upcoming years, Clarivate would still say that it’s prediction had come true. The firm’s listing of Rajan among likely Economics Nobel winners simply means that the former RBI boss’ work is of Nobel caliber.
It is also difficult to know if Rajan was even in the running for this year’s economics prize as the Nobel committee does not release information about the candidate shortlist for 50 years after the prize has been announced.
Notably, economics is not among the fields for which Alfred Nobel established a prize in his will. However, the Swedish National Bank’s Prize in Economic Sciences in Memory of Alfred Nobel, is informally considered a Nobel Prize and is a prestigious award in the field of economics.