The award-giving body also announced a prize-money of 9 million Swedish crown ($1.1 million) for Thaler.
But what we are going to call the even more select group to have won a Nobel Prize and an Oscar? For example, Mr Thaler developed a theory of mental accounting, which explains how people making financial decisions look only at the narrow effect of individual decisions rather than the whole effect.
Economy is the last of this year's Nobels, with prizes for physiology or medicine, physics, chemistry, literature and peace awarded last week. When asked if a point has come when behavioural economics can be used for making tools for setting public policy, Thaler told Smith, "Well sure".
Thaler is the 29th victor of the economics prize associated with the school in the 49 years the award has been given.
Earlier last week, reports surfaced that former governor of the Reserve Bank of India, Raghuram Rajan was also in the race to win 2017 Nobel for Economics.
Rocket fired from Gaza strikes southern Israel
The new rounds of dialogue will be the first since the two group's meetings held in Qatar in 2016. He, however, said their participation will be "subject to Israel allowing them to travel".
The victor of the 9-million-kronor ($1.1-million) prize will be announced Monday. The Nobscar? To Al Gore (a Peace prize laureate and an Oscar victor for "An Inconvenient Truth") can we now add University of Chicago professor Richard Thaler?
That "incorporates more realistic analysis of how people think and behave when making economic decisions", it said.
That started to change when Mr Thaler and Cass Sunstein, a legal scholar at Harvard University, co-authored a book, "Nudge", in 2008.
Thaler appeared in a memorable cameo alongside Selena Gomez in the Christian Bale-, Steve Carrell-starring 2015 financial-crisis chronicle The Big Short.
His other works include "Quasi-Rational Economics", "The Winner's Curse: Paradoxes and Anomalies of Economic Life" and "Advances in Behavioral Finance". Of 79 laureates so far, more than a third have been affiliated with the university's school of economics.
The economics prize was established in 1968. "I knew it could happen", Thaler said of winning the Nobel Prize.
The United States deployed THAAD to South Korea this year to guard against North Korea's shorter-range missiles. Both Washington and Saudi Arabia accuse Tehran of aggressive and disruptive behavior in the region.
Following this, Vikas will get flak from housemates as this is wastage of food and we all know, food rations are hard to get by. After the dramatic Weekend Ka Vaar episode , the housemates will gear up for yet another twist at the Bigg Boss 11 house.
Cruise Automation is now testing autonomous vehicles in San Francisco that could eventually be produced on a mass market basis. GM doled out more than $1 billion to buy Cruise Automation in March 2016, forming the core of its autonomous vehicle strategy.
Wales - Gareth Bale remains injured and unavailable so Tom Lawrence is expected to start following his goal away in Georgia . He will be hoping Wales can win and other results go the right way to secure his first appearance at the World Cup finals.
Ivana wrote that she had no desire to become the wife of the President of the US , like Melania Trump has become. Ivana Trump has since been married and divorced twice, and now maintains a jet-setting, globetrotting lifestyle.
As a team, they might have some entertaining matches against teams like Rollins & Ambrose, the Uso's or even The New Day . He also took a pop up powerbomb from Owens on top of the cell, in a moment that scared everyone watching.
Kristian Jensen said striking a deal "is not rocket science" and within reach "if the political will is there". Countries including the Netherlands and Denmark are keen to open trade talks as soon as possible.
The 25-year-old posted a touching tribute on Instagram: "Breast cancer is a terrible disease that affects entire families". Over a span of almost 25 years, the risk of death from breast cancer dropped 38 percent, says the American Cancer Society.
Mr Rajoy told Catalan leaders that there is still time to backtrack and avoid Madrid taking over the region's government. Those numbers resemble the pro-independence rallies that Barcelona has also seen in recent years.
With 31 yards on Sunday, it marked the third time in five games they were held to fewer than 50 yards as a team on the ground. After forcing the Cardinals to punt the ball on their second straight drive, Wentz made quick work of the Cardinals defense.
President Donald Trump tweeted that he had asked Mr Pence to leave if players kneeled and said he was "proud of him". More than 20 players on the 49ers kneeled during the anthem with their hands over their hearts, ESPN reported .
Trump Leaves Native Americans Out of Columbus Day Speech
There are 364 other days in the year on which we could acknowledge the sins of our ancestors and celebrate native Americans . For much of America's history, Italian immigrants have not been considered "white", nor do they identify as "white".
Wildfires force evacuations in Northern California
As of 7:33 a.m. on October 9, the Patrick Fire in Napa County had covered 100 acres. "This fire is explosive", Cox said. A smoke advisory has been issued for San Francisco, telling residents to "close windows and limit outdoor activities".
Attack on Saudi palace in Jiddah kills 2 royal guards
Saudi Arabia is a member of the US-led worldwide coalition that has been battling the Sunni extremist group in Syria and Iraq. The attacker, who was eliminated at the scene, was a 28-year-old Saudi national who approached the gate in a vehicle.