and it's starting to hit the financial markets heavy folds on the cards and thought market i'm busy with a calling for a diplomatic resolution as soon as possible on course not in the mood thank you it says washington at the back down dorian johns with the very latest from turkey thank you so much. you're up to date on news keep it here up next it is business with monica. make your store t.v. even smarter with a d w force more to. what you want when you want it up to date extraordinary. and you decide what's on find out more w

dot com smart. sustainable protection for the earth ideas designed to preserve our ecosystems they exist around the world. global ideas takes the next step protection for our planet's biological diversity trailblazing projects. d w dot com slash global i do yes. the royal swedish academy of sciences has decided to this very acidic spunk prize in economics sciences in memory of alfred nobel. to richard h. failed for his contributions to behavioral economics. and you see the

photo of the doctrine of failure on the screen. he was born in ninety five it is the latest nobel prize this year the twenty seven nobel prize in economics the u.s. professor who has won the ana is said to have made economics human we will tell you how. also coming up spain's ibex rebounds from last week's losses as political risk concerns over catalonia. i won't. be the world's biggest do trade fair focuses on the concept foods of the future anyone up for began tuna. welcome to your business so you as economist richard thaler has been awarded the nobel prize for economics today's announcement by the swedish nobel committee praised the research of a bridging the gap between psychology and economics the prize is not part of the

original series or awards set top a by alfred nobel and originated only in nine hundred sixty eight dollars distinction occurs as economists are increasingly under fire from rising populist and antiglobalization movements around the world. thaler is a professor at the university of chicago his field behavioral economics tries to understand how individuals make economic decisions economists have assume people act rationally to maximize their wellbeing thalers research looks at the limits of that rationality such as lack of self-control the war committee said taylor's research has a profound impact on economic policy and on his field for last four decades he has used both theories and conceptual models lab experiments empirical tests and surveys to document and analyze how specific aspects of human psychology systematically shape economically decisions thalers work has helped economists

improve their models for how consumers save money or for how investors size up risks for example the nobel prize comes with a one point one million dollar award taylor joked with reporters that he would try to spend it as a rationally as possible. i sound like an interesting guy as does the gentleman next to me a yellow neck from w.'s business desk so you could what can you tell us about richard sailor well i would love to give you one of his most famous quotes and that's conventional economics assumes that people are highly racial super a chanel and unemotional and we all know they are not no they're not no they're not and that's why conventional economy is often incomplete and wrong you know we all know people make poor choices and why we were out why we make poor choices and how we can improve our choices that's what his work was focused on and that's why his wife's work so important for all of us but doesn't really need an economist

a top economist to tell us that people on directional yes because we all believe that we are so irrational but we're human beings that we fail again and again let's take it for instance you know if you have a kid in front of you and that you tell your kid listen you can have three marshmallows if you just wait for five minutes i'll go outside and you know leave you with one marshmallow which you could have right now but if you wait five minutes you'll have three well guess what happens and grownups are the same way you know grown ups on wall street investors they think they act rational but they don't they create bubbles bubbles burst and why all of that happens that's what his research focused on so hopefully it will help to make things slightly better especially on the stock markets i mean he's again a u.s. academic i believe they have been quite a few winning that prize what makes us a academics so strong in that field well the u.s. is by far the largest economy in the world they have the best universities and also

the best business schools and that's why so many winners come from the united states again and again and who were the others i mean richard sale up congratulations to him but they will have been others nominated just tell us about a few i would laugh. to tell you about two women there was a french woman called as i do flow and she was in the race because she use she uses our cities in her work us cities that randomised controlled trials it's a technique inspired by our cities in medicine to test the effectiveness effectiveness of drugs you have one or two groups around the only chosen group and a control group to measure the effectiveness of drugs and she chooses these two groups in order to see of programs for health for improving. the economic state of the country works or not and the other one the other one was an american and krueger she was a former chief economist of the world bank and she suggested a few years ago that countries should be able to go bankrupt just like companies do

without having to go through years of austerity deep spending cuts and do to be able to just wipe the slate clean and start again and that was a very very important work too i mean the interesting thing is that so far there was only one woman winning the nobel prize in economics science and that is a few years back yes you know in the past twenty years seventy five percent were male fifty five years of age or older and american citizens. this shows you the problem in two thousand and nine eleven or strong was the only woman to win the nobel prize together with other williamson and you know if you use the profile you know seventy five percent male fifty five years of age or older and american citizens that profile again holds true today exactly you're getting it from business desk thank you so much for that. now then another big topic certainly for

equity markets in europe they're preparing for a potential shock this week as catalonia threatens to formally declare independence from spain major companies in the region are scrambling with telecommunications firm sale next scheduled to discuss today moving out of the catalonian capital of barcelona to madrid a break with spain which also effectively maine that catalonia would lose its current status within the new trading block driving up the cost of imports and exports the government in madrid is now making it easier for companies in catalonia to swiftly move headquarters out of the region and so far two major banks banco and bank have said they're doing so. well despite the political turmoil spain's ibex is among today's when us our market correspondent tells us why funnily enough considering all the tension in the country that i backed is actually performing at its highest level in

a week it's rebounded by zero point seven percent and that upswing has mostly been led by the banking sector we saw the shares of bank and bank of this about dow trading higher on news that they both decided to relocate out of catalonia so that tells you that investors are cheered by the prospect that companies are doing what they can to cover themselves in the event of any political fallout so what's the downside to then of more and more companies turning their back on catalonia surely this cannot all be good news. yes and you know as it happens it's not only spanish firms that are going to be affected by this we also have the likes of cross border merger deals like for example italy's atlanta and spain's i veritas those are two highway management companies and a merger deal stands to be delayed by the cause of this because of this uncertainty and you also have the american chamber of commerce in spain that saying u.s. companies basically have contingency plans in the bag to relocate out of the to catalonia overnight if it does decide to cede now there is hope in the market still

but mainly the point that the sense that i'm getting here is that that's aluna has reached a point of no return and the companies are going to have to cover their bases accordingly now if you say something like reaching a point of no return that implies that markets are pretty much betting on catalonia seceding they are and they aren't so they're basically using the fact that regulations have been eased to allow them to move out of catalonia easier and that is something that they're taking advantage of but we have to see the departures also for what they are now they're mostly just an administrative change in address all that has happened is that they've changed headquarters that has had no impact yet on jobs or in operations we've been talking about basically big companies in spain that have business all over the country but of course the potential for escalation is still there and that's something that markets are watching carefully out for rights and then to my loan and from food thank you so much for this. now

the german economy continues to power ahead data shows industrial output rose a lot faster than expected in august it grew by two point six percent month on month all sectors enjoyed growth except construction the economy ministry says industrial production has seen a powerful upward trend since the start of the year and it says that's set to continue based on industrial orders and a favorable business environment. well they're beginning to play hardball in the final phase of the dismantling of bankrupt carrier air berlin that according to media reports they suggest that easyjet is now backing down from its original offer for thirteen billion aircraft the british discount airline reportedly wants to pay less than the fifty million euros it or nationally offered if the deal falls through air berlin will have

a hard time financing operations and it would have to cut even more flights. talking of flights. it is withdrawing services to the knesset. claiming concern over security of the nation plunges of a deeper into a political and economic crisis doesn't the airlines have to take in similar measures passenger traffic to the embattled south american country has plummeted by seventy five percent of the last four years the head of allied trade organization says venezuela is now practically disconnected from the rest of the well. you're not disconnected that's all for business for now i'll have more for you in the next hour thanks for watching.

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