American economist Richard Thaler has won the 2017 Nobel Prize for Economics. Thaler was recognized for his work as a behavioral economist. That means he studies the reasons behind the economic decisions people make. Thaler received the prize partly for his research into why people often make irrational financial decisions. The Royal Swedish Academy of Sciences announced the $1.1 million prize on Monday. Speaking of the prize money, Thaler told reporters in Chicago after the announcement, “I will spend it as irrationally as possible.” The award committee said Thaler explored “the consequences of limited rationality, social preferences, and lack of self-control.” It said the American economist’s work has shown how human qualities affect people’s individual decisions and the movements of financial markets.