3 US-based Economists Awarded Nobel Prize For Work On Banks

Three US-based economists have received this year’s Nobel Prize in economic sciences “for research on banking and financial crises.”

The Nobel committee at the Royal Swedish Academy of Sciences in Stockholm announced the prize to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig on Monday.

The financial reward for the Nobel Prizes is 10 million Swedish kronor, or roughly $900,000. It will be awarded on December 10.

The Economics Prize was established by the Swedish Central Bank in Alfred Nobel’s honour, not by his will, which established the other prizes, in 1895. In 1969, the first winner was chosen.