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 19,2024

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In a grand celebration of patriotism and local pride, Karnataka’s second tallest flagpole, and the tallest in Dakshina Kannada, was officially inaugurated on Wednesday, September 18, at the iconic Kadri Park in Mangaluru.

The event, a significant milestone in the city's Smart City journey, was graced by several prominent leaders. MP Capt Brijesh Chowta, a distinguished guest at the inauguration, spoke passionately about the symbolic importance of the flag. "This towering structure, made possible through the Smart City initiative, elevates the pride of every Indian. Since Prime Minister Narendra Modi took office, national sentiment has deepened. The national flag is not just a symbol, it embodies our self-respect and unity as a nation."

MLA Vedavyas Kamath shared his enthusiasm for the project, emphasizing its importance beyond mere construction. "The flagpole at Kadri Park, funded under the Smart City project, will not only serve as a beacon of patriotism but will also become a significant attraction, enhancing the city's tourism appeal."

Adding to the sense of occasion, Mayor Sudhir Shetty proudly highlighted the monument's grandeur. "Standing at an impressive 75 meters, second only to Belagavi's 110-meter flagpole, this new landmark is a testament to Mangaluru's growth and aspirations. The project, which cost Rs 75 lakh, will feature an advanced lighting system, ensuring it shines brightly, day and night, as a symbol of our national pride."

The ceremony saw the attendance of key dignitaries, including Deputy Mayor Sunita, Standing Committee President Bharath Kumar, Varun Chowta, Ganesh Kulal, MCC opposition leader Praveen Chandra Alva, MCC member Shakeela Kava, former Mayor Jayananda Anchan, Bhaskar K, and former MUDA president Ravishankar Mijar, each contributing to the significance of the occasion.

This towering flagpole, nestled amidst the serene beauty of Kadri Park, is set to become a new emblem of Mangaluru's spirit, uniting both locals and visitors in shared pride and patriotism.

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News Network
September 12,2024

Mangaluru: Mayor Sudheer Shetty Kannur said that as a part of the International Day of Democracy, the Mangaluru City Corporation (MCC) will hold a 23-km long human chain and plant 1000 saplings in the Bengre area on September 15.

The human chain will be formed from Pavanje bridge to the border of Arkula, which will pass through Nanthoor Junction- Kannur Junction. The event is organised with the objective of creating awareness among the public, particularly the youth, about the significance of democracy. Around 10,000 people, particularly students, will participate in forming the human chain in the city limits, he told media persons.

He said Democratic system in India is a model to the world and we should be grateful to Dr B R Ambedkar for giving the country a beautiful constitution. To make the people, particularly the youth, aware of the Constitution and its preamble, the state government has chalked out a plan to form a mega human chain from Bidar to Chamrajnagar. As a part of it, the programme will be held in Mangaluru. Students from various schools, colleges, various organisations, NGOs should actively participate to make the event a grand success.”

The Mayor said as a part of the celebrations, an arch will be built at Pavanje bridge and Kannur Junction. The Zonal office at Surathkal will be decorated with tri colour along with KPC Circle, Nanthoor Junction, Padil Junction. The main programme will be held at Kadri Circle near Circuit House in Mangaluru, which will be attended by DK MP Capt Brijesh Chowta, MLAs D Vedavyasa Kamath, Dr Y Bharath Shetty, DC Mullai Muhilan MP and others. Flags will be placed for every 100 metre of the human chain stretch. The participants can click their photos and upload it through https://democracydaykarnataka.in/ to collect a certificate, added the mayor. 

The human chain will be held from Pavanje to Mukka checkpost, Mukka chepost to Mukka Junction, Mukka Junction to NITK gate, NITK gate to Tadambail Junction, Tadambail Junction to Hotel Suraj, Hotel Suraj to Govinda Dasa College, Govinda Dasa College to Kordabbu Daivasthana, Hosabettu, Kordabbu Daivasthana to Honnakatte Junction, Kulai to APMC, Baikampady, Hotel Vishwasagar to Mangaluru traffic police check post , Mangaluru traffic police check post to Panambur circle, Panambur Circle to NMPA railway track, MCF to Kuloor bridge, Kuloor bridge to Gold Finch ground, Gold Finch ground to Kottara Chowki, Kottara Chowki to BMS Hotel, BMS Hotel to SKS apartment, KPT to Saptagiri petrol bunk, Nanthoor Circle to Kaikamba, Maroli Jodukatte till Padil Circle, Padil to First Neuro Hospital – Kannur Junction, Adyar Katte to Sahyadri College, Sahyadri College to Expert Cross (Valacchil), Express Cross to Arkula border.

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News Network
September 10,2024

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The Israeli regime has attacked displaced Palestinians in the southern part of the Gaza Strip with US-provided 2,000-pound bombs, killing at least 40 civilians, mostly women and children.

As many as 60 others were injured in the attack that targeted an area previously declared by the Israeli military as a “humanitarian zone” at the al-Mawasi refugee camp in the city of Khan Younis on Tuesday.

The military alleged that it had struck members of the Hamas resistance movement, who were “operating a command and control center” inside the targeted area, a claim that was rejected by the group as a “blatant lie.”

“The resistance has repeatedly confirmed the absence of any of its members among civilian gatherings or the use of such areas for military purposes,” Hamas said.

The bloodletting took place as part of the regime’s ongoing genocidal war on Gaza, which began on October 7 in response to a retaliatory operation staged by the territory’s resistance groups.

So far, close to 41,000 Palestinians have been killed and more than 94,800 others wounded in the brutal military onslaught.

The Tuesday massacre came after the refugee camp witnessed an influx of homeless Palestinians, who had fled there from the death and destruction spree caused by the war elsewhere across the coastal sliver. Between 30,000 and 34,000 people were living upon each square kilometer of the camp at the time of the attack, the United Nations estimates show.

The weapons deployed during the massacre have been identified as American-made MK-84 bombs, which carry 900 pounds of explosives. 

The payload can create a crater about 15 meters wide and over 10 meters deep, besides being capable of causing deadly damage around it within a radius of approximately 73 meters. 

This is not the first time when the regime deploys the ammunition against civilian targets during the war. 

More than 70 Palestinians were killed after it struck the refugee camp with the same bombs in July.

As part of its unbridled military support for the regime, the United States has armed it with as many as 14,000 of the bombs since the onset of the war.

Hamas also called the US “complicit” in such massacres that “are being deliberately carried out without regard for international law, humanitarian law, or resolutions calling for an end to the aggression.”

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