The Nobel Prize winner for Economics will be known on Monday completing this year's search in different categories for the most prestigious honors in the world.

The AFP reported that the top candidates are Robert Shiller, a behavioral finance theorist from the U.S.; Financial economist Eugene Fama of Chicago University; American growth experts Paul Romer and Robert Barro; Austria's Ernst Fehr, a behavioral economics specialist; U.S. econometrics authority Jerry Hausman; Indian-American micro-economist Avinash Dixit and Finish Bengt Holmstroem, who specializes in business and economic incentives.

It was only in 1969 that a category in Economics was created by the Bank of Sweden to as an incentive for specific discoveries or milestones in that field.

The accolade includes a medal, diploma and a monetary prize, the value of which depends on the status of the world economy. The prize value as of late has been approximately $1 million.

The prize of 10-million-Swedish-kronor ($1.48-million, 1.08-million-euro) is financed by the Riksbank, unlike the other prizes which are financed by the Nobel Foundation.

The two most-awaited prizes for literature and peace, were announced last week.

Swedish poet Tomas Transtroemer won the Literature Prize on Thursday while the Peace Prize was awarded to Liberian President Ellen Johnson Sirleaf and her compatriot peace activist Leymah Gbowee, as well as Yemeni blogger and activist Tawakkul Karman as a sign of women empowerment.

All of the Nobel laureates will receive their prizes during formal ceremonies in Oslo and Stockholm on Dec. 10, the anniversary of the death of Alfred Nobel.

The committee that awards the Economics prize announced that its choice is not based on recent events.

Chairman Per Krussel was quoted by the AFP saying that "The prize is very non-political, non-trendy and just focused on research contributions."