US economist Richard Thaler, one of the founding fathers of behavioural economics, has won this year’s Nobel Prize for Economics.
Prof Thaler, of Chicago Booth business school, co-wrote the global best seller Nudge, which looked at how people make bad or irrational choices.
Judges said he had demonstrated how "nudging" - a term he coined - may help people to exercise better self-control.
He will receive 9 million Swedish krona (?850,000) from the committee.
"I will try to spend it as irrationally as possible!" the 72 year-old economist said.