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.