The Nobel Prize is the first worldwide award given yearly since 1901.This award is accepted as the most prestigious and the highest form of international recognition of intellectual achievement in the field it is given: physics, chemistry, medicine, literature and peace. They are recognized by virtually every scientist, and they are also among the few prizes known by name to many ordinary citizens.

The prize consists of a medal, a personal diploma bearing a citation, and a sum of money the amount of which depends on the income of the Nobel Foundation. (A sum of $1,120,000 accompanied each prize in 1996.) .

In 1968, the Sveriges Riksbank (Bank of Sweden) instituted the Prize in Economic Sciences in memory of Alfred Nobel, founder of the Nobel Prize.

The Nobel Prizes are awarded each year in the months of October and November. The selection of the prizewinners starts in the early autumn of the preceding year, when the prize-awarding institutions invite more than 6,000 people throughout the world to propose, or nominate, candidates for the prizes; about 1,000 people submit their nominations for each prize. Among those invited to nominate candidates are previous Nobel laureates; members of the prize-awarding institutions themselves; scholars active in the fields of physics, chemistry, and physiology or medicine; and officials and members of diverse universities and learned academies. Self-nomination automatically disqualifies the person.

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