New Delhi: The Nobel Prize for Economic Sciences was on Monday awarded to Abhijit Banerjee, and two others “for their experimental approach to alleviating global poverty”.

The Prize was announced at the Swedish Academy at a ceremony in Stockholm.

The other two who were conferred with the award include Esther Duflo and Michael Kremer.

“In the mid-1990s, Economic Sciences Laureate Michael Kremer and his colleagues demonstrated how powerful an experiment-based approach can be, using field experiments to test a range of interventions that could improve school results in western Kenya,” a tweet by The Nobel Prize read.

“2019 Economic Sciences Laureates Abhijit Banerjee and Esther Duflo, often with Michael Kremer, soon performed similar studies of other issues and in other countries, including India. Their experimental research methods now entirely dominate development economics,” it added.

Banerjee, an Indian-American Economist, is alumnus of the University of Calcutta, Jawaharlal Nehru University and Harvard University. Currently, he is the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.

The Nobel Prize is a set of esteemed prizes that were instituted by the Swedish inventor Alfred Nobel in his last will and testament in 1895. These are a set of annual international awards that are given in Literature, Physics, Chemistry, Physiology or Medicine and Peace by Swedish and Norwegian institutions. These awards were first awarded in 1901.

On October 10, Olga Tokarczuk, a Polish author, and Peter Handke, an Austrian writer, were awarded the Nobel Prize in Literature.