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.
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 Trump administration will put forward this argument to allege the Clean Power Plan violates the law , Bloomberg News reported. The president announced earlier this year that he will pull the United States out of the landmark Paris climate agreement.
Top congressional Democrats say the list is unreasonable and fails to represent any attempt at compromise. Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi blasted the proposal.
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.
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I played very well during the whole event here, so let's see if I am able to hold that high level there in Shanghai. The wildcard entries beat the second seeds 6-4 7-6 (7-1) for their first ATP World Tour team title.
Weinstein is one of the most influential producers in Hollywood and has produced hundreds of popular movies over the years. Weinstein's alleged inappropriate behavior with women in the last 30 years was detailed in the bombshell report.
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 .
Intriguing images to be sure. 20th Century Fox TV released a new trailer for the upcoming return to TV for The X-Files. Series creator Chris Carter explained that the first episode will deal with that cliffhanger.
Dan Harmon told Polygon "he had no idea McDonald's was going to bring the sauce back and assumed Adult Swim didn't, either". If you're not among the few who scored some of McDonald's rare Szechuan sauce , you may be in luck.
In any event, Windows Phone 8 did mature over its short lifetime, gaining many features other platforms had had for ages. After the launch of Apple's iOS in 2007 along with Google's Android OS launch in 2008, the ecosystem has evolved.
Shane McMahon goes flying at Hell in a Cell
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