Nobel Prize

The Nobel Prizes are widely regarded as the most prestigious awards given for outstanding work and intellectual achievement in the world to those who, during the preceding year, shall have conferred the greatest benefit on mankind. The Prizes are awarded annually from a fund bequeathed for that purpose by the Swedish inventor and industrialist Alfred Nobel. The prizes in Chemistry, Literature, Peace, Physics and Physiology or Medicine were first awarded in 1901. Commonly known as the Nobel Prize in Economics, the Sveriges Riksbank Prize in Economic Sciences was established in 1968 by the Bank of Sweden in Memory of Alfred Nobel. The Nobel Prizes are decided by members of Swedish learned societies or in the case of the peace prize, the Norwegian Parliament. Each Nobel Prize consists of a gold medal, a diploma bearing a citation, and 9 million SEK (Swedish Krona) per prize category, the amount depending on the income of the Nobel Foundation. A Nobel Prize may not be shared among more than 3 persons, although the Nobel Peace Prize can be awarded to organizations of more than 3 people