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– ‘The dictator game‘ –
Influential in theoretical and experimental research on fairness, 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 in a statement.
Thaler and his colleagues created a tool called “the dictator game” that was used in several studies to measure attitudes to fairness among people from around the world.
Designed to assess how individuals respond to situations where self-interest and equality clash, the experiment gives one of the participants, known as “the dictator”, money while the “receiver” is given nothing.
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.
It wraps up the 2017 season which saw no woman take a prize in any of the categories.
The laureates will receive their prizes at ceremonies in Stockholm and Oslo on December 10, the anniversary of the death of Alfred Nobel.
