Americans Peter Diamond and Dale Mortensen and Christopher Pissarides, a British and Cypriot citizen, won the 2010 Nobel economics prize today. They won the award for developing theories that help explain how economic policies can affect unemployment. The Royal Swedish Academy of Sciences said in Stockholm that the Economists won the prestigious award for their analysis of markets with search frictions. The citation said, the models developed by them help in understanding the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy. Diamond, 70, is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation. Mortensen, 71, is an economics professor at North-western University in Evanston, Illinois, and Pissarides, 62, is a professor at the London School of Economics.