Nobel prize

The Nobel Prizes are annual international awards bestowed by Scandinavian committees in recognition of the cultural and scientific advances. The will of the Swedish chemist Alfred Nobel, the inventor of dynamite, established the prizes in 1895. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was instituted by Sveriges Riksbank in 1968 and was first awarded in 1969. Although technically not a Nobel Prize, its announcements and presentations are made along with the other prizes, with the exception of the Peace Prize which is awarded in Oslo, Norway. Each Nobel Prize is regarded as the most prestigious award in its field.

The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Nobel Memorial Prize in Economic Sciences. The Nobel Assembly at Karolinska Institutet awards the Nobel Prize in Physiology or Medicine. The Swedish Academy grants the Nobel Prize in Literature. The Nobel Peace Prize is not awarded by a Swedish organisation but by the Norwegian Nobel Committee.

Each recipient, or laureate, is presented with a gold medal, a diploma, and a sum of money which depends on the Nobel Foundation's income that year. In 2009, each prize was worth 10 million SEK (c. US$1.4 million). The prize cannot be awarded posthumously, unless the winner of the prize has passed away after the prize's announcement. Nor may a prize be shared among more than three people. The average number of laureates per prize has increased substantially over the 20th century.

Literature Nobel Goes To Chinese Author Mo Yan

The Nobel Prize in Literature for 2012 was awarded to Chinese author Mo Yan, who in his dozens of stories and novels uses magic realism to merge folk tales, China’s history and the contemporary, the Swedish Academy announced Thursday.

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