The Nobel Prizes are five separate prizes that, according to Alfred Nobel’s will of 1895. These are awarded to “those who, during the preceding year, have conferred the greatest benefit to Mankind.” Alfred Nobel was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his “remaining realizable assets” to be used to establish five prizes which became known as “Nobel Prizes.” Nobel Prizes were first awarded in 1901.
Nobel Prizes are awarded in the fields of Physics, Chemistry, Physiology or Medicine, Literature, and Peace. In 1968, Sveriges Riksbank (Sweden’s central bank) funded the establishment of the Prize in Economic Sciences in Memory of Alfred Nobel. Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.
The prize ceremonies take place annually. Each recipient (known as a “laureate”) receives a gold medal, a diploma, and a monetary award. In 2021, the Nobel Prize monetary award is 10,000,000 SEK. A prize may not be shared among more than three individuals. Although the Nobel Peace Prize can be awarded to organizations of more than three people. Although Nobel Prizes are not awarded posthumously. If a person is awarded a prize and dies before receiving it, the prize is presented.’
The Nobel Prizes, beginning in 1901, and the Nobel Memorial Prize in Economic Sciences, beginning in 1969. These have been awarded 603 times to 962 people and 25 organizations. Four individuals and two organisations have received more than one Nobel Prize.
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Alfred Nobel’s will of 1895 instructs that his fortune must be used as a fund to confer five annual prizes to those people who during the preceding year have conferred the greatest benefit to humankind. The prizes established through his will were for five fields– Physics, Chemistry, Physiology or Medicine, Literature and Peace.
The sixth category, Economic Sciences, was not originally listed in Alfred Nobel’s will. It was established in 1968 by the Bank of Sweden in memory of Alfred Nobel and was first awarded in 1969.
Post the death of Alfred Nobel, the Nobel Foundation was established to carry out the provisions of his will and to administer the funds. According to the will, three Swedish and one Norwegian institution must award the prizes.
The Royal Swedish Academy of Sciences awards the prizes for Chemistry, Physics and Economic Sciences, the Karolinska Institute confers the prize for physiology or medicine, and the Swedish Academy confers the prize for literature. The Nobel Peace Prize is conferred by the Norwegian Nobel Committee based in Oslo.
About Alfred Nobel
Famous for his invention of dynamite, Alfred Nobel was a Swedish chemist, engineer and industrialist who died in 1896. He in his will instructed to use all of his assets to establish five prizes. i.e. Physics, Chemistry, Physiology or Medicine, Literature, and Peace, collectively called Nobel Prizes. The Prize money comes from the bequest left by the creator of the Prize, Alfred Nobel.
The selection process begins in the preceding year during Autumn and the winners are announced in October and November. The aforementioned institutions invite thousands of individuals to nominate the names to be considered for the prestigious prize. Nominations from each category are to be filed. These proposals must be submitted on or before January 31 of the award year to the Nobel Committees.
From February 1, six Nobel Committees, one for each category, commence their work on the nominations which have been filed. The Nobel Committees then submit nominations to the prize-awarding institutions which announce the winners through a majority vote. All prizes can be conferred to individuals except for the Peace Prize which can be conferred upon an institution as well.
It is to be noted that self-nominations are not allowed in Nobel Prizes. Also an individual cannot be nominated posthumously but a winner who dies before receiving the prize may be awarded posthumously. Also, the Nobel Prizes are independent of the state.
About Nobel Prizes
1- Each of the Nobel Prize recipients is known as a Nobel Laureate and receives a gold medal, a diploma with a citation and a sum of money which depends on the income of the Nobel Foundation.
2- The Prize can either be given to one individual, can be equally distributed between two people or can be shared among three individuals (each individual receives one-third share of the prize or two together can receive one half of the share).
3- The Nobel Prizes are open to all individuals around the world irrespective of their nationalities, caste, creed, race or ideology.
4- The prestigious prize can be conferred upon the same individual more than once.
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