STOCKHOLM (CBS/AP) — An MIT professor is one of three U.S-based economists who won the 2021 Nobel Prize for economics Monday.

Joshua Angrist from the Massachusetts Institute of Technology, David Card of the University of California at Berkeley and Guido Imbens from Stanford University shared the award for their pioneering research on the labor market impacts of minimum wage, immigration and education, and for creating the scientific framework to allow conclusions to be drawn from such studies that can’t use traditional methodology.

Unlike the other Nobel prizes, the economics award wasn’t established in the will of Alfred Nobel. It was set up by the Swedish central bank in his memory in 1968, with the first winner selected a year later.

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