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Thaler told the Nobel committee by videoconference he was "pleased" by the award. And perhaps "his empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics".

And here's how Thaler had welcomed the reports that former RBI governor Raghuram Rajan was all set to rejoin University of Chicago Booth School of Business as a Professor, after completing his term at India's central bank.

The 72-year-old takes home a nine million kronor (944,000 euros, $1.1 million) prize sum.

The economics prize is something of an outlier - Alfred Nobel's will didn't call for its establishment and it honors a science that many doubt is a science at all.

A buoyant and complacent stock market is worrying Richard H. Thaler, the University of Chicago professor who this week won the Nobel Prize in economics. Thaler's research upended the conventional wisdom and showed that human decisions are sometimes less rational than assumed, and that psychology in general - and concepts such as impulsiveness - influence many consumer choices in often-predictable ways.

Influential in academic circles, the movie-going public may have noticed Thaler make a brief cameo in the 2015 film "The Big Short", explaining the so-called "hot-hand fallacy" where past success is expected to also warrant success in the future, with pop star Selena Gomez.

He added that he intends to use the prize money to support further research.

The Royal Swedish Academy of Sciences announced the Nobel Prize 2017 award Monday.

The Sveriges Riksbank (Swedish National Bank) Prize in Economic Sciences in Memory of Alfred Nobel was first awarded in 1969, almost seven decades after the series of prestigious prizes that Nobel called for.