The
Nobel Prizes (, ) are prizes awarded annually by the
Royal Swedish Academy of Sciences, the
Swedish Academy, the
Karolinska Institute, and the
Norwegian Nobel Committee to individuals and organizations who make outstanding contributions in the fields of
chemistry,
physics,
literature,
peace, and
physiology or medicine. They were established by the 1895 will of
Alfred Nobel, which dictates that the awards should be administered by the
Nobel Foundation. The
Nobel Memorial Prize in Economic Sciences was established in 1968 by the
Sveriges Riksbank, the
central bank of
Sweden, for contributions to the field of economics. Each recipient, or "laureate", receives a gold medal, a
diploma, and a sum of money, which is decided by the Nobel Foundation, yearly.