Stockholm:
Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, a British and Cypriot citizen, have won the 2010 Nobel economics prize for developing theories that help explain how economic policies can affect unemployment.
The Royal Swedish Academy of Sciences said Monday they won the prestigious award "for their analysis of markets with search frictions."
Among other things, their research shows why a lot of people remain unemployed even at times when there are large number of job openings.
Diamond is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation.
Mortensen is an economics professor at Northwestern University in Evanston, Illinois, and Pissarides is a professor at the London School of Economics.