12/10/2015 5:06 PM IST | Updated 15/07/2016 8:25 AM IST

Angus Deaton Wins 2015 Economics Nobel For Analysis That Can Reduce Poverty

A portrait of US-British winner of the 2015 Nobel Economics Prize Angus Deaton is displayed on a tablet screen during a press conference at the Royal Swedish Academy of Sciences on October 12, 2015 in Stockholm. The economics prize is the only Nobel not originally included in Alfred Nobel's last will and testament. It was established in 1968 by the Swedish central bank to celebrate its tricentenary. AFP PHOTO / JONATHAN NACKSTRAND (Photo credit should read JONATHAN NACKSTRAND/AFP/Getty Images)

STOCKHOLM -- British economist Angus Deaton won the 2015 economics Nobel Prize for "his analysis of consumption, poverty, and welfare," the Royal Swedish Academy of Sciences said on Monday.

"To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the award-giving body said on announcing the 8 million Swedish crown ($978,000) prize. "More than anyone else, Angus Deaton has enhanced this understanding."

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It was not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.

($1 = 8.1803 Swedish crowns)

(Reporting by Anna Ringstrom and Daniel Dickson; Editing by Alistair Scrutton)

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