Economists David Card, Joshua D. Angrist and Guido W. Imbens have been awarded the Nobel Prize in economics.

Card was recognized for his contributions to labor economics, while Angrist and Imbens won the award for their contributions to the analysis of causal relationships.

Last year, Stanford University economists Paul R. Milgrom and Robert B. Wilson were awarded the prize for their “improvements to auction theory and invention of new auction formats.”

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel comes with a 10 million Swedish krona ($1.1 million) cash prize and a gold medal.

This is a breaking news story and will be updated shortly.