The award is shared by Daron Acemoglu and Simon Johnson of MIT and James Robinson of the University of Chicago for their research on the institutional roots of national wealth and poverty. They will split the prize money of 11 million Swedish krona or about $1.058 million.

One of the founders of behavioral economics, who incorporated human quirks into the study of how people make economic decisions, has died. Daniel Kahneman was 90.

Harvard University's Claudia Goldin has won the 2023 Nobel Prize in Economics for her research on women in the labor market. She studies the causes of the persistent pay gap between men and women.

Former Federal Reserve chairman Ben Bernanke and two academic economists — Douglas Diamond and Philip Dybvig — share this year's Nobel Prize in economics for their work on bank runs.

Instead, most of the laureates are receiving their awards in their home countries because the pandemic has disrupted the ceremonies yet again.

The U.S.-based economists shared this year's Nobel in economics for their work with "natural experiments," such as studying how changes to the minimum wage impact the labor market.

Stanford's Paul Milgrom and Robert Wilson are honored for their "inventions of new auction formats." Auctions are now used to price Internet ads, wholesale electricity and fishing permits.