Nobel Prize awarded to University of Chicago professor

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CHICAGO (WAND) - A University of Chicago professor has won a Nobel Prize.

Officials say Richard Thaler won a $1 million Nobel Economics Prize for his work in researching how and why people spend money.  Thaler's research included human traits such as limited rationality, perceptions about fairness, and self-control, and found that financial decisions aren't always made rationally.

In a phone call, Thaler said, "The most important impact is the recognition that economic agents are humans and that economic models have to incorporate that."

Thaler is a Professor of Behavioral Science and Economics at the University of Chicago.

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