Stockholm - The 2008 Nobel Prize for Economics was awarded Monday to Paul Krugman of the United States, the Royal Swedish Academy of Sciences announced.

The prize - formally called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel - last year was awarded to three US economists, Leonid Hurwicz, Eric Maskin und Roger Myerson.

The academy cited Krugman for his "analysis of trade patterns and location of economic activity" in awarding him this year's prize.

The prize carries an award of 10 million kronor (1.5 million dollars) and will be handed to Krugman at the annual Nobel prize ceremonies December 10 in Stockholm. (dpa)