Every year, researchers in economics are awarded the Nobel Prize, alongside a hefty sum in winnings. All you have to do is bag a Nobel Prize. Franco Modigliani, an MIT professor who nabbed the Nobel in economics in 1985 , got about $225,000 in winnings. But, ultimately, he wanted to spend his winnings according to his own research on people's saving and spending habits. So when he was asked how he'd spend what was, in 2017 dollars, around $1.1 million in winnings, Thaler told reporters : "I will try to spend it as irrationally as possible."

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Persons: —, Alfred Nobel, Claudia Goldin, it's, Goldin, Lars Heikenstein, Franco Modigliani, Modigliani, I'm, Modigliani isn't, Elinor Ostrom, Oliver E, Williamson, Esther Duflo, Abhijit Banerjee, Michael Kremer, Sir Angus Deaton, Richard Thaler, he'd, Thaler Organizations: Service, Sveriges, Economic Sciences, Guardian, Nobel Foundation, MIT, Washington Post, Indiana University, National Academy of Sciences, Fund for Research, Development, Harvard University, Boston Globe, University of Chicago Locations: Stockholm, United States of America