STOCKHOLM (AP) — The Nobel economics prize was awarded Monday to Claudia Goldin, a professor at Harvard University, for advancing the understanding of women’s labor market outcomes.

Goldin is only the third woman to win the prize, which was announced by Hans Ellegren, secretary-general of the Royal Swedish Academy of Sciences, in Stockholm.

“Understanding women’s role in the labor market is important for society. Thanks to Claudia Goldin’s groundbreaking research, we now know much more about the underlying factors and which barriers may need to be addressed in the future,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences.

Goldin, 77, “was surprised and very, very glad,” Ellegren said of Goldin’s reaction to receiving the award.

“Claudia Golden’s discoveries have vast societal implications,” said Randi Hjalmarsson, a member of the prize committee. “By finally understanding the problem and calling it by the right name, we will be able to pave a better out forward.”

It follows the awards in medicine, physics, chemistry, literature and peace that were announced last week.

The economics award was created in 1968 by Sweden’s central bank and is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

Last year’s winners were former Federal Reserve Chair Ben Bernanke, Douglas W. Diamond and Philip Dybvig for their research into bank failures that helped shape America’s aggressive response to the 2007-2008 financial crisis.

Only two of the 92 economics laureates honored have been women.

A week ago, Hungarian-American Katalin Karikó and American Drew Weissman won the Nobel Prize in medicine. The physics prize went Tuesday to French-Swedish physicist Anne L’Huillier, French scientist Pierre Agostini and Hungarian-born Ferenc Krausz.

U.S. scientists Moungi Bawendi, Louis Brus and Alexei Ekimov won the chemistry prize on Wednesday. They were followed by Norwegian writer Jon Fosse, who was awarded the prize for literature. And on Friday, jailed Iranian activist Narges Mohammadi won the peace prize.

The prizes are handed out at awards ceremonies in December in Oslo and Stockholm. They carry a cash award of 11 million Swedish kronor (about $1 million). Winners also receive an 18-carat gold medal and diploma.

Corder reported from The Hague, Netherlands.