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Three Researchers Share Nobel Prize For Economics

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Three researchers have been jointly awarded the 2019 Nobel Prize in Economic Sciences on Monday for their research in helping fight global poverty.

The Royal Swedish Academy of Sciences said in a statement that it decided to award the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty."

"The research conducted by this year's Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research," the Swedish Academy said.

The Academy noted that this year's Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty, which remains one of humanity's most urgent issues despite recent dramatic improvements.

Their approach involves dividing the issue into smaller, more manageable questions in areas such as education and healthcare, and using field experiments to solve the problems.

"As a direct result of one of their studies, more than five million Indian children have benefited from effective programmes of remedial tutoring in schools. Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries," the Academy said.

Banerjee, 58, is an Indian-born American economist, while the 46-year-old Duflo is a French-American economist.

Duflo is married to Banerjee. The couple, who are serving as professors at Massachusetts Institute of Technology or MIT, co-founded the Abdul Latif Jameel Poverty Action Lab in 2003.

Duflo is the second woman and also the youngest person ever to win the economics prize.

Kremer, 54, is a professor at Harvard University. He has won several other prizes, including the MacArthur Fellowship for his work on developing economies.

The economics prize is the last among this year's Nobel Prizes to be announced. The winners for medicine, physics, chemistry, literature and peace were announced over the course of last week.

The prize amount of 9 million Swedish krona will be shared equally between the three laureates.

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