Americans, British-Cypriot win 2010 economics Nobel

Two Americans and a British-Cypriot won the 2010 economics Nobel for work which can explain how unemployment, job vacancies and wages are affected by regulation and policy, the prize committee said.

The Royal Swedish Academy of Sciences said the 10 million Swedish crown ($1.5 million) prize recognised Peter Diamond, Dale Mortensen and Christopher Pissarides "for their analysis of markets with search frictions".

The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. It is not part of the original group of awards set out in dynamite tycoon Nobel's 1895 will.