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The Nobel economics prize has been awarded to Richard Thaler of the University of Chicago for his contributions to behavioural economics. Swedish Academy of Sciences Secretary Goeran Hansson said today that the 9-million-kronor (1.1 million US Dollars) prize was awarded to the academic for his understanding the psychology of economics. 72 years old Thaler, is a pioneer in behavioural economics, a research field in which insights from psychological research are applied to economic decision making, a background paper from the academy said.