CHICAGO, Ill. (WTVO) — A University of Chicago professor is among the recipients of the Nobel Prize in Economic Sciences.

Professor Douglas Diamond was one of the three winners announced Monday morning. He is a professor of finance and has been a faculty member at the University of Chicago Booth School of Business since 1979. His work showed how government guarantees on deposits can prevent a spiraling of financial crises.

Diamond is sharing the prize with former Fed chair Ben Bernanke and Professor Philip Dybvig. It is worth about $900,000 and will be delivered in December.