Nobel Prize: Economists who study poverty win award

The final Nobel Prize of 2019 was awarded Monday morning in Economic Sciences.

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It was given to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty."

Banerjee and Duflo are both at the Massachusetts Institute of Technology while Kremer is at Harvard University. Duflo is the second woman to win the economics prize.

Elinor Ostrom won the award in 2009 and is also the youngest ever to receive the economics award.

Officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the award wasn't created by the prize founder, but is considered to be part of the Nobel stable of awards.

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It was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later.

With the glory comes a 9 million-kronor ($918,000) cash award, a gold medal and a diploma.

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Last week, six Nobel prizes were given — medicine, physics and chemistry plus two literature awards, and the coveted Peace Prize.

The Associated Press contributed to this article.