( CNN ) -- The winner of the Nobel prize in economics will be announced Monday in Stockholm , Sweden . The prize in Economic Sciences in Memory of Alfred Nobel is awarded annually by the Royal Swedish Academy of Sciences and is worth 10 million Swedish kronor , or about about $ 1.47 million . The 2010 prize was awarded jointly to Peter A. Diamond of MIT , Dale T. Mortensen of Northwestern University and Christopher A. Pissarides of the London School of Economics and Political Science `` for their analysis of markets with search frictions . '' The three received the prize for research on how economic policy affects the job market . Their theories `` help us understand the ways in which unemployment , job vacancies and wages are affected by regulation and economic policy , '' the academy said . The three economists ' research focused on so-called `` frictions , '' or impediments to trade , such as misinformation , cost of transportation or the disparity between companies ' and employees ' needs . The Royal Swedish Academy of Sciences said that Diamond , Mortensen and Pissarides focused on how these frictions apply to unemployment , by focusing on the disconnect between employers and the unemployed . Part of the study examines why unemployment remains high when there are workers available to fill the job openings . Nobel prizes for peace , literature , chemistry , physics and physiology or medicine were awarded last week . The Nobel Peace Prize was awarded to three women , Ellen Johnson Sirleaf and Leymah Gbowee of Liberia and Tawakkul Karman of Yemen , on Friday `` for their nonviolent struggle for the safety of women and for women 's rights to full participation in peace-building work , '' the committee said . Swedish poet Tomas Transtromer won the Nobel Prize in literature on Thursday . The Swedish academy said it gave the award to Transtromer `` because , through his condensed , translucent images , he gives us fresh access to reality . '' On Wednesday , the prize in chemistry was awarded to Israeli scientist Daniel Shechtman . Shechtman is a professor at the Technion-Israel Institute of Technology and is known for his discovery of quasicrystals . On Tuesday , the Royal Swedish Academy of Sciences named Saul Perlmutter from Lawrence Berkeley National Laboratory and the University of California , Berkeley ; Brian P. Schmidt of Australian National University and Adam G. Riess of Johns Hopkins University and the Space Telescope Science Institute , the winners of the 2011 Nobel Prize in physics . They made the discovery that our universe apparently is expanding at an accelerating rate some 14 billion years after the Big Bang . On October 3 , the Nobel committee named Ralph Steinman , a biologist with Rockefeller University , and scientists Bruce A. Beutler and Jules A. Hoffmann , the winners of the 2011 Nobel Prize in physiology or medicine . The Nobel Prize for economic sciences has been awarded every year since 1969 , when it was established by Sweden 's central bank . The youngest laureate in economic sciences is Kenneth J. Arrow , who was 51 years old when he was awarded in 1972 . The oldest winner is Leonid Hurwicz , who was 90 years old when he was awarded in 2007 . He is also the oldest Laureate to be awarded the Nobel Prize in all areas .
The Nobel Prize for economic sciences has been awarded every year since 1945 . It is worth 10 million Swedish marks , or about about $ 1.47 million . Prizes for peace , literature , chemistry , physics and medicine have been awarded .