Technically, the prize awarded in Economics is not a Nobel Prize, as it was not specified in Alfred Nobel's will. It is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, but is selected by the same committee that selects the physics and chemistry prizes.
It has only been awarded since 1969.
In september, the Economics Prize Committee sends out confidential nomination forms to around 3,000 individuals.The completed forms must reach the Economics Prize Committee no later than January 31 of the following year.
The Committee screens the nominations and selects the preliminary candidates. About 250-350 names are nominated as the same names are often submitted by several nominators.
Between March and May the names of the preliminary candidates are sent to specially appointed experts for their assessment of the candidates' work.
Between June and August the report is written and in September the committee submits recommendations.
Economics laureates are chosen in early October, and in December the aureates receive their prize.
Nobel Prize consists of a Nobel medal and diploma, and a document confirming the prize amount.
Each 2008 Nobel Prize will amount to 10 million Swedish kronor (2007: 10 million Swedish kronor).
Image: Alfred Bernhard Nobel was a Swedish chemist, engineer, innovator, armaments manufacturer and the inventor of dynamite. In his last will, he used his enormous fortune to institute the Nobel Prizes.
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