The Nobel Prize is the most prestigious award in the world.This award is given annually.This international award is supported by The Nobel Foundation which was set up in the year 1901 under the will of Alfred Bernhard Nobel (1833 – 1896). Alfred Nobel was Swedish scientist and a chemical engineer who discovered Nitroglycerin (C3H5N3O9). Alfred Nobel also described the use of nitroglycerin in the manufacture of dynamite in the year 1886. He established the Nobel prizes in the year 1895.
These awards are presented annually on December 10th , the death anniversary of the founder Alfred Nobel.All the awards are presented by the Swedish King near Stock Home in Sweden except the Nobel Peace Prize which is awarded in Oslo, Norway.
Originally, the awards were for the work in Five disciplines Physics, Chemistry, Physiology or Medicine, Literature and Peace first awarded in the year 1901.
The prize for Economics was instituted in 1967 by Sveriges Riksbank (a Swedish Bank) in celebration of its 300th anniversary. It was awarded for the first time in 1969. It is called the Nobel Memorial Prize in Economical Sciences.
Each laureate receives a gold medal, diploma and cash prize which depends on the Nobel Foundation’s income that year. A prize is shared maximum only among three people. Posthumous nominations are not awarded except in the cases where the person dies in between the period of nomination and receiving it.
The institutions which present the award in different disciplines are :
1. Nobel prize in Physics and Chemistry are given by Royal Swedish Academy of Sciences.
2. Nobel Prize in Physiology or Medicine is given by Nobel Assembly of Karolinska Chirurgiska Institute.
3. Nobel prize in the field of Literature is given by Sweden Academy.
4. Nobel peace award is honored by Norway Parliamentary Committee.
5. In the field of Economics the Nobel prize is awarded by the Swedish Bank.