Angus Deaton, a renowned microeconomist, was awarded the Nobel Memorial Prize in Economic Science on Monday for his studies of consumption, poverty and welfare.
Mr. Deaton, 69, a professor at Princeton, is best known for his studies of the choices of individual consumers. “By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics,” the Royal Swedish Academy of Sciences said in its citation.
The prize was announced in Stockholm by Goran K. Hansson, the academy’s permanent secretary.
The committee in recent years has honored a number of academics for work showing either that markets are inefficient or how to deal with that reality. Last year, the committee picked Jean Tirole, a French economist, for his work on the effective regulation of imperfect markets. In 2013, it honored Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller for their research on the movements of financial markets.
The economics prize is the newest of the Nobels, established in 1968, in Alfred Nobel’s memory, to celebrate the 300th anniversary of the Sweden’s central bank, the world’s first. Mr. Deaton joins 75 laureates — includingMilton Friedman, Friedrich von Hayek and Amartya Sen — who have been honored since the prize was first awarded, in 1969. The prize is 8 million Swedish kronor (about $976,000).
More than 80 percent of the economics laureates have been American citizens. Only one woman has won: the political scientist Elinor Ostrom, in 2009.