Nobel prize for economics awarded

Americans Peter Diamond and Dale Mortensen, and British-Cypriot Christopher Pissarides, have won the 2010 Nobel economics prize.

They were honoured for work on how unemployment, job vacancies and wages are affected by regulation and policy.

The Royal Swedish Academy of Sciences said the prize of 10m Swedish kronor ($1.5m) recognised "their analysis of markets with search frictions".

The economics prize was established in 1968.

Christopher Pissarides said he felt ''honoured'' to be awarded the prize.

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