The Nobel Prize in Economics is for research on global poverty alleviation

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London (CNN Business) - Abhijit Banerjee, Esther Duflo and Michael Kremer received the Nobel Prize for Economics on Monday for their research on global poverty alleviation.

The trio pioneered an approach to poverty reduction that relied on carefully designed experiments that sought answers to specific political questions.

Duflo, a professor at the Massachusetts Institute of Technology, is the youngest person and the second woman to receive the award. Banerjee is also a professor at MIT.

Kremer, a Harvard professor, used fieldwork to assess how school outcomes could be improved in western Kenya in the mid-1990s.

"This year's winners have introduced a new approach to obtaining reliable answers on the best ways to combat global poverty," organizers said in a statement.

Nobel Prize in Economics