Two Americans and one British-Cypriot citizen were awarded the 2010 Nobel Prize in economic sciences, the Royal Swedish Academy of Sciences announced in Stockholm Monday, CNN reports. The Nobel prize went to Peter Diamond of the Massachusetts Institute of Technology in Cambridge, Mass.; Dale Mortensen of Northwestern University in Evanston, Ill.; and Christopher Pissarides of the London School of Economics and Political Sciences. The three received the prize for research on so-called “search frictions” – analyzing how economic policy affects unemployment. Their theories “help us understand the ways in which unemployment, job vacancies, and wages are affected by regulation and economic policy,” said the academy in a statement.