Born: 19 October 1945, Edinburgh, United Kingdom
Affiliation at the time of the award: Princeton University, Princeton, NJ, USA
Prize motivation: "for his analysis of consumption, poverty, and welfare"
Prize share: 1/1
Consumption of goods and services plays a critical role in human welfare. The understanding of these relationships is crucial for designing economic policy. Angus Deaton has examined how the consumption of individuals relates to economic development in society at large. Angus Deaton's research deals with how consumption depends on prices, puts consumption in relation to savings and incomes, and shows how data on consumption can be used to analyze welfare, poverty, and economic development.