From left, Peter Diamond, Dale Mortensen and Christopher Pissarides.
From left, Peter Diamond, Dale Mortensen and Christopher Pissarides. - 
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BILL RADKE: The final Nobel Prize was announced for the year today and it's the money prize. Reporter Janet Babin joins us live. Hi Janet.


RADKE: And the winner is?

BABIN: Well the winners are Peter Diamond, Dale Mortensen and Christopher Pissarides. They won for developing theories that help explain how economic policies can affect unemployment. Their works shows, among other things, why lots of people remain unemployed even when there are plenty of job openings to be had.

RADKE: Yes, unemployment, I've heard about this topic. What can you tell us about the winners?

BABIN: Well Diamond is an economist at MIT. President Obama actually nominated him to become a member of the Federal Reserve. But the Senate failed to approve his nomination before lawmakers left to campaign for midterms. Mortensen is at Northwestern University. His research focuses on labor economics. And Pissarides is a professor at the London School of Economics.

RADKE: And Janet was as this a surprise victory?

BABIN: Well, Bill, Mortensen had been thought by some to be a front runner for this prize. Americans tend to do well in the economics department. Since the economy prize was first awarded back in 1969, more than 40 Americans have received it.

RADKE: Well Americans have not exactly dominated the Nobels overall this year?

BABIN: No they haven't. If you're keeping track this Columbus Day, the U.S. has won three Nobels this year. American Richard Heck shared the Nobel in Chemistry with Japanese researchers.

RADKE: That's reporter Janet Babin joining us live. Janet, thank you for that.

BABIN: You're welcome, Bill.