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The Peace Prize is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. Each Nobel Prize is regarded as the most prestigious award in its field. In 1968, Sveriges Riksbank instituted an award that is often associated with the Nobel prizes, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The first such prize was awarded in 1969. Although it is not an official Nobel Prize, its announcements and presentations are made along with the other prizes. 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, receives 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 laureate has died 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. |