Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig won the 2022 Nobel Prize in Economics.

Three names were awarded for their work on banks and financial crises.

The award was won by Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig.

Ben Bernanke, Douglas Diamond and Philip Dybvig were honored for their "work on banks and financial crises".

Ben S. Bernanke was the chairman of the US Federal Reserve from 2006 to 2014.

At the press conference held at the Royal Swedish Academy of Sciences, it was stated that Bernanke, Diamond and Dybvig provided significant advances in understanding of the role of banks in the economy and how to regulate financial markets, especially during financial crises.

It was noted that Diamond and Dybvig "developed theoretical models of why banks exist, how their role in society makes banks vulnerable to rumors of their impending collapse, and how society reduces that vulnerability."

It was pointed out that the work of three economists reduced the risk of financial crises turning into long-term depressions with sharp consequences for society.

GIVEN TO THREE ECONOMISTS IN 2021

Economists David Card and Joshua D. Angrist and Guido W. Imbens won the 2021 Nobel Prize in Economics.

It was announced that Canadian labor economist Card was awarded the 2021 Nobel Prize in Economics for his "empirical contributions to labor economics", and Angrist and Imbens for "methodological contributions to the analysis of causal relationships".

It was stated that the work of the three economists led to the development of new understandings of the labor market, showed what kind of conclusions can be drawn from natural experiments in terms of cause and effect, their approaches spread to other fields and radically changed empirical research.

GOLD MEDAL AND 1.1 MILLION DOLLARS PRIZE

The winners of the Nobel Prize in Economics are awarded $1.1 million in addition to the gold medal.

The award was given to American economists Paul R. Milgrom and Robert B. Wilson, who contributed to the development of auction theory in 2020.

It was noted that Milgrom and Wilson's discoveries "benefited sellers, buyers and taxpayers worldwide".

Indian-American economist Abhijit Banerjee, French-American economist Esther Duflo and American economist Michael Kremer won the 2019 Nobel Prize in Economics for their work in the fight against global poverty.