Two Americans and a British Cypriot have been awarded the 2010 Nobel economics prize for developing theories that help explain how unemployment is affected by government policies.The Royal Swedish Academy of Sciences on Monday recognized Americans Peter Diamond and Dale Mortensen, and British Cypriot Christopher Pissarides for “their analysis of markets with search frictions.”An academy statement said the trio’s models help analysts understand the ways in which unemployment, job vacancies and wages are affected by regulation and economic policy.Diamond is an economist at the Massachusetts Institute of Technology, and an authority on social security, pensions and taxation. His nomination by President Barack Obama to the Federal Reserve awaits action by the U.S. Senate.The 71-year-old Mortensen is an economics professor at Northwestern University in Evanston, Illinois. Pissarides teaches at the London School of Economics – Voanews