Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty, the Royal Swedish Academy of Sciences said on Monday.

"This year's Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty," the academy said in statement.

The 9 million Swedish crown ($915,300) economics prize is a later addition to the five awards created in the will of industrialist and dynamite inventor Alfred Nobel, established by the Swedish central bank and first awarded in 1969.