STOCKHOLM, October 12. /TASS/. Scotland-born microeconomist Angus Deaton of Princeton University has been awarded the 2015 Prize in Economic Sciences in Memory of Alfred Nobel "for his analysis of consumption, poverty, and welfare," the Royal Swedish Academy of Sciences said on Monday.

"To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the academy said in a statement. "More than anyone else, Angus Deaton has enhanced this understanding.

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

The prize is worth 8 million Swedish crown ($978,000).