The winner of the award, officially the "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel," receives $1 million.

Turkish Armenian economist Daron Acemoglu has been awarded the Nobel Prize in economic sciences. Acemoglu, a professor at the Massachusetts Institute of Technology, was honored alongside Simon Johnson from MIT and James A.

The three economists “have demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said.