The Nobel Prize is an international award administered by the Nobel Foundation in Sweden. This award was established by the will of Alfred Nobel, a Swedish chemist, and inventor. The Nobel Prize was first awarded in 1901 for achievements in Physics, Chemistry, Physiology or Medicine, Literature and Peace. Sveriges Riksbank, in memory of Alfred Nobel established an associated award in Economics in 1968.
The Nobel Prize is widely regarded as the most prestigious award one can receive in their respective fields. The Nobel Prize consists of a document confirming the prize amount, a Nobel Prize medal, and a personal diploma.
How the Nobel Prize materialized
Alfred Nobel was a Swedish scientist, industrialist, author, pacifist, and inventor of the high explosive dynamite. He obtained a patent for Dynamite in 1867 as an industrial explosive. He earned a lot of money through the explosives business. His invention (dynamites) was later used in wars, which spread a lot of violence and killed many people. So to reciprocate this, he established the Peace Prize. It is believed that Bertha von Suttner, Alfred Nobels secretary, also influenced his interest in a donation to the promotion of world peace. It was a great international sensation when his 1895 will disclosed that Alfred Nobel established a special peace prize, as his name was always connected with explosives and inventions useful in the war and not with peace.
The Nobel Prize has been honoring outstanding achievers in the fields of Physics, Chemistry, Medicine or Physiology, Literature and who work for peace since 1901. In the will, he bequeathed 94% of his total assets to establish and upkeep the five Nobel Prizes. It took five years to establish the Nobel Foundation and the first prizes were awarded on 10th December 1901.
Nomination and selection process
The nomination and selection process for the Nobel Prize is long and rigorous compared to other prizes. This is one of the key reasons for the Nobel Prize to become so popular and important one.
In the first stage, the respective Nobel Committees send thousands of individual invitations to members of academies, university professors, scientists from different countries, members of parliamentary assemblies, previous Nobel Laureates, and others asking them to nominate candidates for the coming year. Later, these names are thoroughly scrutinized and discussed by experts in their specific fields and vote for a winner.
The concerned Nobel Prize awarder holds a press conference immediately after the voting and announces the Nobel Laureates and the Laureates in Economic Sciences for the year.
Fields in which the prizes are awarded
The Nobel Prize is awarded to the outstanding performers in the fields of Physics, Chemistry, Physiology or Medicine, Literature, Economic Sciences and for the Peace. Royal Swedish Academy of Sciences selects the Nobel Laureates in Physics, Chemistry, and Economic Sciences and awards the prizes. Karolinska Institute selects the Laureates and awards the Nobel Prize in Physiology or Medicine. The award in Literature is given by the Swedish academy. A Committee of five persons elected by the Norwegian Parliament awards Nobel Peace Prize.
The Nobel Prizes and the Prize in Economics, except the Nobel Peace Prize are presented at the annual Prize Award Ceremony on 10th December, the anniversary of Alfred Nobels death, in Stockholm, Sweden. The Nobel Peace Prize is awarded in Oslo, Norway on the same day.