The Royal Swedish Academy of Sciences has decided to award the Nobel prize in economics to Angus Deaton of Princeton University. The award recognises his contribution to the areas of consumption, income and well being.
The Nobel Committee said: “To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices. More than anyone else, Angus Deaton has enhanced this understanding. By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics.”
Deaton is known for developing the Almost Ideal Demand System, a method of estimating how consumer demand responds to changes in prices and incomes, and for pioneering approaches using household panel data to analyse welfare.
Gus O’Donnell, Chairman of Frontier (Europe) said: “I’m delighted that Angus’s work has been recognised by the Nobel committee. His pioneering work to understand consumer behaviour and welfare have paved the way for how economists think about evaluating policy, and his work on poverty and living standards is critical at a time when governments are grappling with big questions about how best to support the most vulnerable in society. He has also pioneered work on the determinants of wellbeing so I was delighted to have him as a co-author for the Legatum Institute report on wellbeing and policy. ”
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