Thaler was born 1945 in East Orange, New Jersey and received his Ph.D.in 1974 from the University of Rochester, New York.
Kochov doesn't know Thaler personally but attended a summer seminar on behavioral economics that Thaler taught in Italy in 2010.
On November 8, PM Modi shocked the country when he announced that the government was banning Rs 500 and Rs 1000 notes in a bid to promote cashless economy and control corruption. Three of the prize committees are within the sciences academy.
Richard Thaler, of the University of Chicago, was speaking in a phone call to a news conference immediately after the Nobel committee announced he is the victor of this years 9-million-kronor ($1.1-million) prize. "I hope that in five years, ten years, we will see a very different distribution", Hansson said.
Thaler, who is considered the "father of behavioral economics", received the Nobel Memorial Prize in Economic Science on Monday for his work on integrating economics with psychology, the Royal Swedish Academy of Sciences reports.
Influential in the field of behavioural economics, his research showed how traits such as lack of self-control and fear of losing what you already have prompt decisions that may not have the best outcome in the longer term.
The last of the Nobel prizes to be awarded this year is something of an outlier Alfred Nobels will didnt call for its establishment and it honors a science that many doubt is a science at all. That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.
The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 - the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel.