Noble prizes, annual monetary awards are granted to Individuals or institutions for outstanding contributions in the fields of physics, chemistry physology science The literature, international peace and Nobel prizes are internationally or medicine, rot recognized as the most prestigious awards in each of these fields. The prizes were established by Swedish inventor and Alfred Bernard Nobel, who set up for by them in his will. The first prizes were awarded December 10, 1901, the fifth anniversary of Nobel’s death Ln his will, Nobel directed most of his fortune be invested to form a fund, the interest of which was to be distributed annually in the form of prizes to those who during preceding year, shall have conferred the greatest mankind. He stipulated that the interest be divided into five equal parts, each to be awarded to the person who made the most important contribution in one of five different In addition to the three scientific awards and the literature wide award, a prize would go the person who had done the most or the best work for fraternity among natons for the abolition hard or reduction of standing armies and for the holding and romotion of peace congresses.
Nobel also specified certaun tions that would select the prize winners The will noul indicated “no consideration whatever shall be guven to the nationality of the candidates, but the most worthy shall receive the prize Nobel Foundation Foundation was established to In 1900, the Nobel manage the fund and to administer the activities of the institutions charged with selecting winners. The fund us controlled by a board of directors, which serves for two-year periods and consists of six members, five elected by the trustees of the awarding bodies mentioned in the will, and the sixth appointed by the swedish government. All six membe either Swedish or Norwegian citizens In his will, Nobel stated that the prizes for physics and chemistry would be awarded by the Swedish Academy of Science the prize for physiology medicine Karobnska in Stockholm, the literature pn Swedish academy in Stockholm, and the peace prize b by the five person committee clected by the Norwegian S the economics prize i 1968 the Swedish Academy of Science has held the responsibi of selecting the winners ofthat award All the prizes awarding bodies bave set up N committees consisting of three to five people who make heat Additi in the selection process recommendations specialists with expertise in relevant fields assist the com Nobel committees examine nominations and make recommendations to the prize institutions prize various opinions
and recommendations the othe awarding bodies vote on the final selection and then they announce the winner The deliberation and votung due and prize cannot be appealed the ove Prizes A prize for achievement in a particular field may be awarded to an individual, divided equally between people or awarded jointly among two or three people According to the Nobel Foundation’s statutes, the prze cannot be divided among more than three people but it can go to an institution A prize may go unawarded if no candidate us chosen for the year under consideration but each for the year under consideration but each of the prizes must be awarded at least once every five years. Ir the Nobel Foundation does not award a prize in a given year, the prize may remain in the trust if a prze is declined or not accepted is before a specified date, the Nobel Foundation retain the pnze money in its trust The prize amounts are based on the annual yield of the fund capital. In 1948, Nobel przes were about S32,000 each, in 1997 they were about SI million each. In addition to a cash award each prize winner also receives a gold medal and a diploma bearing the winner’s name and field of achievements Prize winners are known as Nobel laureates.