The Nobel economics prize has been awarded to Richard Thaler of the University of Chicago for his contributions to behavioural economics. <br/><br/>Swedish Academy of Sciences Secretary Goeran Hansson said today that the 9-million-kronor (1.1 million US Dollars) prize was awarded to the academic for his understanding the psychology of economics. <br/><br/>The Nobel committee said Thaler's work shows how human traits affect individual decisions as well as market outcomes. <br/><br/>Thaler, 72, is a pioneer in behavioural economics, a research field in which insights from psychological research are applied to economic decision making, a background paper from the academy said.