Three economists have won the Nobel Prize in Economics for their work in helping address global poverty.
The Royal Swedish Academy of Sciences announced Monday it awarded the prize to Indian-born American Abhijit Banerjee, French-American Esther Duflo and American Michael Kremer.
Duflo is just the second woman to ever win the economics prize.
The academy said the economists introduced a new approach to figuring out the best ways to fight poverty, focusing on smaller questions such as how to improve child health or education.
"As a direct result of one of their studies, more than five million Indian children have benefited from effective programs of remedial tutoring in schools. Another example is the heavy subsidies for preventive health care that have been introduced in many countries," the academy said.
The honorees will equally split the $915,300 award.