The Nobel Prize in Economics was awarded to Richard Thaler, a behavioral economist at the University of Chicago.
Thaler, whose work influenced the Obama administration and landed him a cameo in the 2015 film "The Big Short," was awarded for his research in the field of behavioral economics. He will receive 9 million Swedish krona -- about $1.1 million.
His research on behavioral economics shows how human traits like social preferences and limited rationality affect not only our day-to-day decisions, but bigger concepts like market outcomes.
Cass Sunstein, professor at Harvard Law School and co-author with Richard Thayler of "Nudge: Improving Decisions About Health, Wealth, and Happiness." He tweets @casssunstein.
This segment aired on October 9, 2017.