US economist Richard Thaler won the Nobel Economics Prize on Monday for showing that economic and financial decision-makers are not always rational, but mostly deeply human.
Bridging the gap between economics and psychology, Mr Thaler's research focuses on behavioural economics which explores the impact of psychological and social factors on decisions by individuals or groups in the economy and financial markets.
"He's made economics more human," the Nobel jury said, calling Mr Thaler "a pioneer" on integrating economics and psychology.
"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 jury added.
"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."
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His work even earned him a glamorous foray into the movie business when he made a cameo appearance, alongside Christian Bale, Steve Carell and Ryan Gosling, in the 2015 movie The Big Short about the credit and housing bubble collapse that led to the 2008 global financial crisis.
Mr Thaler told the Nobel committee by videoconference 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 prize in 2013.
"I think the most important recognition is that economic agents are human, and economic models have to incorporate that," he added.
The 72-year-old takes home the 9 million kronor (Dh4.1m) prize sum.
Mr Thaler 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.
One of the founders of behavioural finance, which studies how cognitive limitations influence financial markets, Mr Thaler developed a model for explaining how people tend to focus on the narrow impact rather than the overall effect of each decision they make, which is called limited rationality.
This includes the study of how people's loathing of losses can explain why they value the same things more when they own them as opposed to when they don't, which is called the endowment effect.
Influential in theoretical and experimental research on fairness, Mr Thaler showed "how consumers' fairness concerns may stop firms from raising prices in periods of high demand, but not in times of rising costs", the Nobel economics committee said.
Along with his colleagues, Mr Thaler created a tool called "the dictator game" that was used in several studies to measure people's attitudes to fairness from around the world.
As for New Year's resolutions, Mr Thaler has shown that they can be hard to keep — no matter how much people wish to fulfil them.
Using a planner-doer model, Mr Thaler showed how short-term temptations disrupt people's plans to save for their old age, rainy days or live a healthier lifestyle.
"In his applied work, Mr Thaler demonstrated how nudging — a term he coined — may help people exercise better self-control when saving for a pension, as well in other contexts," the Nobel jury said.
Fittingly, Mr Thaler's family name comes from the Germanic word for "dollar".
Last year, the Nobel Economics Prize 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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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Jawan
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Killing of Qassem Suleimani
BEETLEJUICE BEETLEJUICE
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Director: Tim Burton
Rating: 3/5
The five pillars of Islam
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The specs: 2018 Nissan 370Z Nismo
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Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
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8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
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