The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the Nobel Prize in Economics, is awarded annually to individuals who have made significant contributions to the study of economics. Although it is generally treated alongside the original Nobel awards, the economics prize has a distinct origin and status within the Nobel framework.
Origins
The prize was established in 1968 by Sweden’s central bank, Sveriges Riksbank, and was first presented in 1969. It was created in memory of Alfred Nobel, but it was not one of the prizes specified in Nobel’s will. Since its founding the award has been financed by the Riksbank and administered according to procedures set up by Swedish scientific institutions.
Presentation and rewards
Laureates receive a diploma, a gold medal and a sum of money comparable to the awards given for the other Nobel Prizes. The formal presentation takes place on December 10, the anniversary of Nobel’s death, during the same ceremony in Stockholm where the Swedish monarch hands the medals and diplomas to that year’s Nobel recipients.
Administration and reception
The prize is selected and awarded by bodies appointed in Sweden. Over time it has become one of the most prominent international honors in social science, though its placement outside Alfred Nobel’s original list of prizes has led to occasional public discussion about its scope and legitimacy.
What winners receive
- Gold medal and official diploma
- Monetary award equal to other Nobel Prizes
- Presentation at the December 10 ceremony in Stockholm