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Tuesday, October 13, 2015, 10:27

Scottish economist wins Nobel

By Associated Press in Stockholm, Sweden
Scottish economist wins Nobel
Angus Deaton gestures at a gathering at Princeton University after it was announced that he won the Nobel prize in economics for improving understanding of poverty and how people in poor countries respond to changes in economic policy, Oct 12, 2015, in Princeton. (AP Photo / Mel Evans)

Scottish economist Angus Deaton has won the Nobel memorial prize in economic sciences for "his analysis of consumption, poverty, and welfare", the Royal Swedish Academy of Sciences said on Monday.

Deaton, who was born in Edinburgh in 1945, now works at Princeton University in the United States.

The academy said the work for which Deaton is now being honored revolves around three central questions: How do consumers distribute their spending among different goods; how much of society's income is spent and how much is saved; and how do we best measure and analyze welfare and poverty?

In a news conference following the announcement, Deaton described himself as "someone who's concerned with the poor of the world and how people behave, and what gives them a good life".

Last year, French economist Jean Tirole won the $975,000 award for his research on market power and regulation.

The economics award is not a Nobel Prize in the same sense as the others, which were created by Swedish industrialist Alfred Nobel in 1895.

Sweden's central bank added the economics prize in 1968 as a memorial to Nobel.

The announcement concludes this year's presentations of Nobel winners.

The medicine prize went to three scientists from Japan, the US and China who discovered drugs to fight malaria and other tropical diseases. Japanese and Canadian scientists won the physics prize for discovering that tiny particles called neutrinos have mass and scientists from Sweden, the US and Turkey won the chemistry prize for their research into the way cells repair damaged DNA.

Belarusian writer Svetlana Alexievich won the literature award.

The awards will be handed out on Dec 10, the anniversary of prize founder Alfred Nobel's death in 1896, at lavish ceremonies in Stockholm and Oslo.

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