British microeconomist Angus Deaton has won a Nobel Prize for his work studying consumption, poverty, and welfare.
The 69-year-old, from Edinburgh, is currently a Princeton professor and has been in the running for the prize in previous years.
Deaton was awarded the prestigious prize after winning praise for his work focusing on how consumers distribute spending among different goods, how much of society's income is spent and saved, and how best to measure and analyze welfare and poverty.
Nobel peace prize winner Malala Yousafzai has dedicated her award to "voiceless" children around the world.
The teenager, who at 17 is the youngest person ever to receive the coveted prize, also called on the Indian and Pakistani prime ministers to attend the award ceremony for the sake of peace.
Malala hit headlines around the world after she survived being shot in the head by a Taliban fighter in October 2012 for going to school.
She later had treatment in Britain for her injuries and went on to make a full recovery.
Malala is now a dedicated campaigner for children's rights to education.
Malala Yousafzai has revealed that she was in an A-level chemistry class when she found out she had won the Nobel Peace Prize.
The Pakistani campaigner, 17, said she was "totally sure" she had not won the award, only for a teacher to appear with the good news.
Malala attends school in Edgbaston, Birmingham after recovering from being shot in the head by a Taliban gunman in 2012.
Malala Yousafzai will be remembered by historians as starting a "liberation movement" for boys and girls all over the world, Gordon Brown has said.
The former Prime Minister said Malala and Indian activist Kailash Satyarthi were "the greatest children's champions in the world" as well as "two of my great friends".
The Pakistani teenager survived an assassination attempt to today become the youngest ever recipient of the Nobel Peace Prize.Read the full story ›
A United Nations spokesperson has tweeted Secretary General Ban Ki-moon's congratulations to Nobel Peace Prize winners Malala Yousafzai and Kailash Satyarthi.
Former Prime Minister Gordon Brown has congratulated Malala Yousafzai and joint Nobel Peace Prize winner Indian child rights campaigner Kailash Satyarthi, calling them "the world's greatest children's champions".
Malala Yousafzai and Kailash Satyarthi are the world’s greatest children’s champions. They are two of my best friends and two of the greatest global campaigners who deserve the Nobel Peace Prize for their courage, determination and for their vision that no child should ever be left behind and that every child should have the best of chances.
The winner of the 2011 Nobel Peace Prize, Tawakkol Karman has responded to Malala Yousafzai's award of the prize by tweeting a photo of herself with the teenager.
Karman is a Yemeni journalist, politician and human rights activist who played a prominent role in the 'Arab Spring' uprising in her country.
While Malala Yousafzai may garner most of the attention after today's Nobel Peace Prize announcement, the award was also shared with an Indian human rights activist called Kailash Satyarthai.
His organisation, Bachpan Bachao Andolan, describes itself as "the largest grassroots movement against child labour, child trafficking and child servitude".
The movement, known in English as 'Save the Childhood', is credited with freeing and rehabilitating tens of thousands of children who faced a miserable existence.
Here is how the Nobel Peace Prize Committee described Satyarthai's work:
Showing great personal courage, Kailash Satyarthi, maintaining Gandhi’s tradition, has headed various forms of protests and demonstrations, all peaceful, focusing on the grave exploitation of children for financial gain.
He has also contributed to the development of important international conventions on children’s rights.
The Nobel Prize Committee paid tribute to Malala Yousafzai's "heroic struggle" for girls' rights.
Despite her youth, Malala Yousafzai has already fought for several years for the right of girls to education, and has shown by example that children and young people, too, can contribute to improving their own situations.
This she has done under the most dangerous circumstances. Through her heroic struggle she has become a leading spokesperson for girls' rights to education."