Three U.S.-based economists were awarded a prize for their research on banks and financial crises.
Diamond is a professor at the University of Chicago Booth School of Business and Dybvig is a professor at the University of Washington.
The committee said that their work in the early 1980s had improved our understanding of the role of banks in the economy and in showing why it is vital to avoid bank collapses. This was valuable during the financial crisis and coronaviruses.
Bank runs were a major cause of the Great Depression in the 1930s. The role banks play in smoothing the potential conflict between savers wanting access to their money and the economy needing savings to be put into investments was looked at by Diamond and Dybvig.
Each winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Noble gets 8 million Swedish krona.
The winners of the Economic Sciences Prize are chosen by the Royal Swedish Academy of Sciences. The selection was made from names submitted by around 3000 professors. People can't be nominated themselves.
The economics prize was divided into three different categories. It was given to David Card for his work on labor economics.
The economics award was established in 1969 by Sweden's central bank in honor of Alfred Noble, the Swedish inventor, chemist and engineer who died in 1901. Each year, it's the last one to be announced.
The prize was awarded to a group of human rights activists.
The prize for physics went to three people for their discoveries. The committee used groundbreaking experiments to start a new era of quantum technology.
The chemistry prize was split between three people, one for her work using click and bioorthogonal chemistry to map cells and develop more targeted cancer treatments.
The medicine prize went to Svante Paabo for his discoveries about the genomes of extinct hominins and humans.
Annie Ernaux won the literature award.
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