The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2015 was awarded to economist Angus Deaton “for his analysis of consumption, poverty, and welfare”.

Deaton, 69, was born in Edinburgh but now works at Princeton University in New Jersey and he holds both U.S. and British citizenship.

His work on consumption, poverty and welfare has helped governments to improve policy through tools such as household surveys and tax changes.

“To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices,” the award-giving body said in announcing the eight million Swedish crown ($978,000 US) prize.

“More than anyone else, Angus Deaton has enhanced this understanding,” it said.