Stockholm: Indian-American Abhijit Banerjee, his wife Esther Duflo and Michael Kremer jointly won the 2019 Nobel Economics Prize on Monday "for their experimental approach to alleviating global poverty." India-born Banerjee and French-American Duflo both work at the prestigious Massachusetts Institute of Technology while Kremer is at Harvard University. Duflo is the second woman and the youngest ever to win the economics prize.

The prize includes 9 million-kronor ($9,18,000) cash, a gold medal and a diploma. The winners will equally share the prize money. "The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research," the Royal Swedish Academy of Sciences said.