(VOVworld) - Angus Deaton of Princeton University was awarded the 2015 Nobel Prize in Economics for his analysis of consumption, poverty and welfare, the Nobel Committee announced on Monday.

Angus Deaton of Princeton University was awarded the 2015 Nobel Prize in Economics (photo: wsj)

Deaton’s research creates a clearer understanding of consumer spending patterns and how people adapt their consumption to their incomes. Last year’s award went to Frenchman Jean Tirole of the University of Toulouse for his work on market power and regulation.

The economics prize caps this year's Nobel season. The economics prize is the only Nobel not originally included in Nobel's last will and testament. It was established in 1968 by the Swedish central bank to celebrate its tercentenary, and first awarded in 1969. The other prizes have been awarded since 1901. The winners will receive their prizes at the official award ceremony on December 10 in Stockholm, Sweden. Each prize includes 8 million Swedish crowns (978,000 USD).