Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig win the Nobel Prize 2022 in economic sciences. The Sveriges Riksbank Prize was awarded to the trio “for research on banks and financial crises.”

The award recipients were announced Monday at the Royal Swedish Academy of Sciences in Stockholm.

“The research presented by this year’s laureates in economic sciences reduces the risk of financial crises developing into long-term depressions with severe consequences for society, which is of the greatest benefit to us all,” the committee wrote on Twitter.

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“The work for which Ben Bernanke, Douglas Diamond and Philip Dybvig are being recognised has been crucial to subsequent research that has enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed.”

The prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on December 10. The money comes from a bequest left by the prize’s creator, Swedish inventor Alfred Nobel, who died in 1895.

According to the Nobel Prize official website, 53 prizes in economic sciences have been awarded between 1969-2021, of which 25 prizes have been awarded to one laureate only.

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Elinor Ostrom and Esther Duflo are the two women who have been awarded the prize in economic sciences so far. They received the prizes in 2009 and 2019 respectively. 

The oldest economic sciences laureate ever is Leonid Hurwicz, who was awarded the prize at the age of 90.