Bringing Together Economics and Psychology: Theoretical and Practical Aspects (Nobel Prize in Economics 2017)

Abstract

Behavioral economics is a field of research, where the analytical possibilities of psychology science are applied to the analysis of economic decision-making. This approach allows more in-depth analysis of the decision-making process of economic agents and opens up new opportunities for research aimed at increasing overall social benefits.This article examines the studies of Richard Thaler, noted by the Nobel Prize in Economics in 2017, devoted to the study of three psychological features of economic man which systematically affect the behavior of economic agents: limited rationality, the perception of justice (social preferences), and the problem of selfcontrol.Using the system approach, the author sets a goal to carry out a complex analysis of the theoretical, methodological and practical works of the Nobel Prize Laureate, that have received world recognition. The attention is also focused on the awarded Nobel Prize in connection with the peculiarities of the Nobel Committee’s policy of awarding that has been formed over the past few years, within the framework of the development of the world economic science.The article systematizes Thaler’s scientific contribution to economics. In addition, it concludes that awarding of the Nobel Prize in 2017 fits into the overall picture of awards in the last few years. At the same time, it notes one of the main directions of the Nobel Committee’s activities related to the “definition” of such research results and programs that could rehabilitate economic science after the past economic crisis and prevent further increase in the uncertainty of the world economic system.