Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig will share the economic sciences Nobel Prize in 2022. The group received the Sveriges Riksbank Prize “for research on banks and financial crises.”

The Royal Swedish Academy of Sciences in Stockholm presented the award on Monday.

Also read: Who is Philip H. Dybvig?

The cash awards for the prizes total 10 million Swedish kronor, or roughly $900,000. They will be distributed on December 10. The funds originate from a foundation established by Alfred Nobel, a Swedish inventor who conceived the award and died in 1895.

Who is Douglas W. Diamond?

Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business Douglas Warren Diamond was born in 1953. He specialises in the research of liquidity, financial crises, and financial intermediaries.

He is a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. He served as president of the American Finance Association and the Western Finance Association in the past.

In 2022, he won a Nobel Prize in Economics in part, alongside Ben S. Bernanke and Philip H. Dybvig.

Also read: Who is Ben S Bernanke?

The most well-known of Diamond’s works on bank runs and financial crises include the influential Diamond-Dybvig model from 1983 and the Diamond model of delegated monitoring from 1984.

He was named by Thomson Reuters as one of the “researchers likely to be in contention for Nobel honours based on the citation impact of their published research.” 

The CME Group-MSRI Prize in Innovative Quantitative Applications was given to him in 2016.

Diamond received a bachelor’s in economics from Brown University in 1975. Diamond acquired his Master’s degrees from Yale University the following year, in 1977, and subsequently his PhD in economics from the same institution in 1980.

At the University of Bonn, MIT Sloan School of Management, and Hong Kong University of Science and Technology, Diamond has served as a visiting lecturer. Diamond has also had the opportunity to teach at Yale University. 

Diamond has been a member of the University of Chicago faculty since 1979 and is currently the Merton H. Miller Distinguished Service Professor of Finance at the Booth School of Business.