Nobel Prize is An annual International Award, awarded to the peoples for their outstanding contribution for humanity in the field of Chemistry, Physics, Literature, Peace, Physiology or Medicine and Economic Sciences. A prize money of 9 million SEK, a gold medal and a diploma is included in this award.
Alfred Nobel (a Swedish chemist, engineer, and industrialist) established the five Nobel Prizes in 1895 in his will.
In 1901, the Prizes in Chemistry, Physics, Literature, Peace, and Physiology or Medicine were first awarded.
In 1968, the Sveriges Riksbank Prize in Economics in Memory of Alfred Nobel (Nobel Memorial Prize in Economic Sciences) was established by central bank Sveriges Riksbank. Now it is commonly referred to as the Nobel Prize in Economics and it is awarded for the outstanding contributions to the field of economic sciences. And it is presented by the Royal Swedish Academy of Sciences. first prize awarded in 1969 to Jen Tinbergen and Ragnar Frisch.
Nobel Prizes are awarded for the outstanding contributions in the respective fields of Chemistry, Physics, Literature, Peace, and Physiology or Medicine. Nobel Prize Award ceremony is hosted in Stockholm, Sweden for Chemistry, Physics, Literature, Economics, and Physiology or Medicine. But the Prize for peace is awarded at Oslo, Norway. Each percipient is known as a laureate.