Richard Thaler of US wins Nobel Economics Prize

Agencies
October 9, 2017

Stockholm, Oct 9: US economist Richard Thaler on Monday won the Nobel Economics Prize for his pioneering work bridging the gap between economics and psychology, the jury said.

"By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes," the Nobel jury said in a statement.

"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."

Thaler told the Nobel committee by video conference he was "pleased" by the award.

"Well, I was pleased. I no longer will have to call my colleague Eugene Fama "Professor Fama" on the golf course," he joked, referring to his University of Chicago colleague who won the 2013 Nobel Economics Prize.

The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum.

He is a professor at the University of Chicago -- a school popular with the Nobel economics committee. Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.

Thaler made a cameo appearance in the 2015 movie "The Big Short" about the credit and housing bubble collapse that led to the 2008 global financial crisis.

Last year, the award went to British-American economist Oliver Hart and Bengt Holmstrom of Finland for their research on contract theory, which has helped design insurance policies and executive pay.

The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 -- the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel.

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News Network
September 10,2024

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The Palestinian Hamas resistance movement has strongly denounced an Israeli attack on displaced people sheltering in tents in the al-Mawasi area of Khan Yunis in the south of Gaza Strip as “a brutal act of genocide.”

“The occupying regime’s appalling massacre against displaced people in the al-Mawasi area of Khan Yunis is a brutal act of genocide... This vicious targeting of unarmed civilians — women, children, and the elderly — in an area previously declared safe by the occupation army is proof of the ongoing Nazi policies that the Zionist entity is pursuing in its genocidal war against Palestinians,” the Gaza-based group said in a statement on Tuesday morning.

It added that such mass killings are being deliberately carried out in complete disregard of the international law, humanitarian law, and UN resolutions calling for an end to the aggression, noting the massacres are being perpetrated with the full support of the US administration, which is complicit in Israeli brutalities against Palestinians.

It also dismissed Israeli army’s allegations concerning the presence of resistance fighters in the targeted area as "downright lies meant to justify such ugly crimes."

"The resistance front has repeatedly confirmed the absence of ... its members among civilian communities or the use of residential areas for military purposes,” the statement pointed out.

Hamas also called upon the international community, the United Nations, and all political, humanitarian and judicial institutions to break their silence, assume their responsibility and work to stop the 11-month-long holocaust.

The resistance movement stated that world bodies need to take necessary steps in order to bring Israeli war criminals before the International Criminal Court (ICC) and hold them to account for their horrendous crimes.

According to Palestinian media outlets, at least 40 people were killed and 60 others injured in the Israeli attack on people sheltering in tents in the al-Mawasi area of Khan Yunis.

The strikes involved heavy missiles and left craters up to 9 meters (30 feet) deep in an area where people were living in at least 20 tents.

Ambulance and Civil Defense teams are facing considerable difficulty retrieving the bodies of the victims.

Initial assessments suggest the attack is “one of the most heinous massacres in the ongoing frenzied war”.

Witnesses described chaotic scenes in the area, with fires burning and Israeli reconnaissance planes flying overhead.

Israel launched its atrocious onslaught against the Gaza Strip, targeting hospitals, residences, and houses of worship, since Palestinian resistance movements launched a surprise attack, dubbed Operation al-Aqsa Storm, against the usurping regime on October 7 last year.

At least 41,020 Palestinians have been killed, most of them women and children. Another 94,925 individuals have sustained injuries as well.

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coastaldigest.com news network
September 16,2024

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Mangaluru, Sept 16: In a heartwarming display of communal unity, members of Hindu and Christian communities celebrated Eid Milad—marking the birth of Prophet Mohammed—by distributing sweets and refreshments to their Muslim neighbors in Dakshina Kannada.

In Boliyar, near Konaje on the outskirts of Mangaluru, members of the local organization Geleyara Balaga surprised participants in the Eid Milad procession with an offering of sweets and cold drinks. 

The gesture of goodwill was led by Manoj, Sheena Poojary, Denis Lily, Sanat, Lokanath, Satish, Praveen, Madhu, and Valentine. Abdul Rahman, the khateeb of Boliyar Juma Masjid, expressed heartfelt gratitude for this act of kindness.

In a similar display of solidarity, a group of Hindus, draped in saffron shawls, distributed sweets and drinks to those partaking in the Eid Milad procession at Mani village, Bantwal taluk.

These acts of generosity highlighted the spirit of harmony and togetherness among different communities, celebrating the true essence of the festival.

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News Network
September 20,2024

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Kasaragod: In a heartbreaking turn of events, the vibrant life of a young medical student from Kasaragod district was tragically cut short in a road accident in Coimbatore, Tamil Nadu, on Wednesday night.

Mohammed Rashid, a 20-year-old second-year MBBS student, hailed from the close-knit community of Kattatadka AKG Nagar in Kerala's Kasaragod district. Brimming with hope and aspirations, he had recently returned to Coimbatore to continue his studies after spending cherished moments with his family during a brief vacation back home.

On that fateful evening, around 8 PM, Rashid was crossing the road to grab dinner at a nearby hotel when tragedy struck. A speeding tipper truck hit him, leaving the young student fatally injured. Though he was rushed to the hospital, his fight for life ended before he could make it to the emergency room.

The devastating news sent shockwaves through his family and friends. His father, Ahmed, who works in the Gulf, returned immediately, heartbroken, to mourn the unimaginable loss of his beloved son. Rasheed's relatives, too, made the painful journey to Coimbatore, overcome with grief and disbelief.

The passing of Mohammed Rashid has left a deep void not only in the hearts of those who knew and loved him but in the wider community. His dreams of healing others and serving society as a doctor were tragically cut short, leaving behind an irreplaceable loss.

May his memory be a reminder of the fragility of life and the promise that he once held.

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