The economists will each receive one third of the $1.53 million prize "for having laid the foundations of mechanisms design theory," the Royal Swedish Academy of Sciences said.
Their studies launched by Hurwicz, who was born in Russia in 1917, deal with the formation of economic institutions and can also be used in political science.
The Economics Prize was created in 1968 by Sweden's central bank, Swedbank, and first awarded the following year. All other Nobel prizes were first awarded in 1901.
The 2007 Nobel Prize season comes to a close on Monday with the announcement of the Economics Prize by the Academy.
On Friday, former U.S. Vice President Al Gore and the Intergovernmental Panel on Climate Change were jointly announced winners of the 2007 Nobel Peace Prize "for their efforts to build up and disseminate greater knowledge about man-made climate change, and to lay the foundations for the measures that are needed to counteract such change."
The awards - each worth $1.5 million - will be handed out by Sweden's King Carl XVI Gustaf at a ceremony in Stockholm on the December 10 anniversary of the death of Swedish industrialist Alfred Nobel, who established the award in his will.
