The economist currently oversees the organization’s western hemisphere department.
They received the award for their work on how institutions are formed and affect prosperity.
He takes up the new post on July 1.
The economist obtained his Ph.D. from Harvard University.
The new research unit will be led by energy economics professor Christopher Knittel.
Tal Gross joined the university in 2017 from the University of Miami.
Catherine Wolfram, Benjamin Vatter, Swati Gupta and Chara Podimata take up new research and teaching roles at the business school.
The environmental economist took up the appointment on May 9.
The eight distinguished economists have made significant contributions within their fields.
Schmalensee is widely known as an expert in industrial organization economics and for his work on multisided platforms.