>> Richard Taylor is a pioneer in integrating economics and psychology.>> He's credited with paving the way for a new field in economics. And now US academic Richard H Taylor has been awarded a Nobel Prize for his work. The economist awarded for his contributions to the field of behavioral economics.
His theories showing how human traits affect supposedly rational markets. It's nudge economics, where humans are subtly guided without heavy-handed compulsion.>> And thanks to his contributions and discoveries, this new field has gone from being sort of a fringe and somewhat controversial part of economics, to being a mainstream area of contemporary economic research.
>> The Economics prize is the last Nobel Prize awarded this year, the Physics Prize was awarded to Rainer Weiss, Barry C Barish and Kip S Thorne who detected gravitational waves. And the Chemistry Prize go to Jacques Dubochet, Joachim Frank and Richard Henderson who developed cryo-electron microscopy, a new way of capturing images of bio-molecules.
Jeffrey Hall, Michael Rosbash and Michael Young were given the accolade for physiology and medicine. For unraveling the molecular mechanisms that control circadian rhythms, put simply, your internal body clock. The prize for literature was given to Kazuo Ishiguro, British author of novels including The Remains of the Day, and Never Let Me Go.
And the Nobel Peace Prize was given to the International Campaign to Abolish Nuclear Weapons. With the Nobel Committee warning that the risk of nuclear conflict is greater now than it has been for a long time.