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.