The 2015 Nobel Prize in Economics, or officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded to economist Angus Deaton "for his analysis of consumption, poverty, and welfare," announced the Royal Swedish Academy of Sciences on Monday.

"More than anyone else, Angus Deaton has enhanced the understanding of individual consumption choices," which is crucial to design economic policy that promotes welfare and reduces poverty, according to the official statement.

By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics,macroeconomics, and development economics, the statement added.

Answering questions at the press conference after the announcement, Deaton said he was "surprised and delighted" to win the prize.

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