Every year since 1901 the Nobel Prize has been awarded for achievements in physics, chemistry, physiology or medicine, literature and for peace. The Nobel Prize is an international award administered by the Nobel Foundation in Stockholm, Sweden. In 1968, Sveriges Riksbank established The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. Each prize consists of a medal, personal diploma, and a cash award

Each year the respective Nobel Committees send individual invitations to thousands of members of academies, university professors, scientists from numerous countries, previous Nobel Laureates, members of parliamentary assemblies and others, asking them to submit candidates for the Nobel Prizes for the coming year. These nominators are chosen in such a way that as many countries and universities as possible are represented over time.

For more information about the Nobel Prize, kindly track the following link: http://www.nobelprize.org/