SAN FRANCISCO (BCN) — Two Bay Area professors were named Nobel laureates in economics early Monday by the Royal Swedish Academy of Sciences.

David Card, of the University of California, Berkeley, won half of the Nobel Memorial Prize in Economic Sciences — formally called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021 — “for his empirical contributions to labour economics.”

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Stanford University professor Guido W. Imbens will share the other half of the prize with colleague Joshua D. Angrist, of the Massachusetts Institute of Technology, “for their methodological contributions to the analysis of causal relationships.”

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The prize amount that the laureates will share is 10 million Swedish krona, about $1.14 million.

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Although the Royal Swedish Academy of Sciences notes on its website that the prize in economics is not a Nobel Prize — in part because it was not established until 1968, 73 years after the creation of the Nobel Prize by Alfred Nobel’s will — it is awarded using the same principles as for the Nobel Prizes that have been awarded since 1901 and is commonly referred to as the Nobel prize in economics.