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 Monday.

Deaton, who was born in Edinburgh in 1945, now works at Princeton University in the United States. He holds both U.S. and British citizenship.

READ ALSO  Xenophobia: When South Africa Show Criminal Ingratitude

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?

READ ALSO  Nwodo angry with Buhari, catalogues his anti-Igbo postures

In a press 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 8 million Swedish kronor (about $975,000) award for his research on market power and regulation.

READ ALSO  Kogi: Wada releases N30m for students’ bursary

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.