The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of Chemistry, Physics, Literature, Peace, Physiology or Medicine and Economics. All but the economics prize were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. The Nobel prize in Economics, or The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for outstanding contributions in the field of Economics. Each prize is awarded by a separate committee; the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Swedish Academy awards the Prize in Literature, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years.