Thaler was awarded the Nobel Prize 2017 for Economics - officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Once considered an outlier, behavioral economics today has become part of generally accepted economic thinking, in large part thanks to Thaler's ideas.
Thaler is a pioneer in behavioral economics, a research field in which insights from psychological research are applied to economic decision making, a background paper from the academy said.
The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum.
"I think the most important impact (of my research) is the recognition that economic agents are human and economic models have to incorporate that", Thaler, a professor at the University of Chicago Booth School of Business, said in call broadcast at the Nobel news conference.
The academy also cited Thaler's work with Cass Sunstein and their 2008 book, Nudge: Improving Decisions about Health, Wealth, and Happiness, which the idea of "libertarian paternalism" where beneficial changes in behavior can be achieved by "minimally invasive policies" that nudge people to make the right decisions for themselves.
Asked how he would spend his prize money, Thaler said: "I will spend it as irrationally as possible".
However, when Thaler was informed by a tweep that the BJP-led NDA government had chose to introduce Rs 2000 notes in a remonetisation effort, the Nobel laureate said, "Really?"
The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968 - the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel.
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U-17 WC INDIA 2017: Ghana lose 0-1 to USA
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