STOCKHOLM: The 2019 Nobel Prize in Economic Sciences has been awarded Monday to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty."

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

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.

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.

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

All but the winner of the Peace Prize receive their awards on Dec 10 — the anniversary of Nobel's death in 1896 — in Stockholm. The winner of the Peace Prize receives the award in Oslo, Norway.