The Nobel Memorial Prize in Economic Sciences, the final award in this year's Nobel season, will be announced by the Royal Swedish Academy of Sciences in Stockholm on Monday.
Last year's prize went to three researchers for their work on innovation and economic growth. They explained how new products and inventions drive economic development and improve living standards while making older businesses less competitive.
The award is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden's central bank established it in 1968 to honour Alfred Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and founded the five original Nobel Prizes.
Although commonly called the Nobel Prize in Economics, it is technically not one of the original Nobel Prizes, a distinction often highlighted by Nobel purists. However, it is presented alongside the other Nobel awards on December 10, the anniversary of Nobel's death in 1896.
The Nobel Prizes in medicine, physics, chemistry, literature and peace were announced last week.
The prize carries 12 million Swedish kronor, or about $1.2 million, whether awarded to an individual, a group of researchers or an organisation.