Nobel prize in economics given to 3 economists for their work on alleviating global poverty

The Nobel prize in economics has been awarded to 3 economists "for their experimental approach to alleviating global poverty."

Abhijit Banerjee, Esther Duflo and Michael Kremer were announced as the winners on Monday morning.

Banerjee and Duflo work at Massachusetts Institute of Technology and Kremer works at Harvard University, according to the Associated Press. Duflo is only the second woman to win the prize after Elinor Ostrom won it in 2009.

The prize is officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel although. The award, however, was not created by the prize founder but is considered to be a part of the Nobel stable of awards.

Jonathan Nackstrand/AFP via Getty Images

The names of the winners of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel are displayed on a giant screen during a press conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Oct. 14, 2019.

The winners will receive a 9 million-kronor ($918,000) cash award, a gold medal and a diploma.

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

Six Nobel prizes were awarded last week in the fields of medicine, physics and chemistry plus two literature awards as well as the Nobel Peace Prize which was won by Abiy Ahmed, the Ethiopian Prime Minister, for his work on ending Ethiopia's long-running conflict with Eritrea.