Nobel Prize is recognized as the most prestigious intellectual awards in the world. Each Nobel Prize consists of a gold medal, a diploma bearing the Nobel citation, and a sum of money. The amount varies depending on revenues of the Nobel Foundation.
Alfred Nobel mentioned in his will that after his death all his assets should be used as noble prizes. The Nobel Foundation is the owner and administrator of the funds given to winners.
Alfred Nobel was a Swedish chemist and engineer, best known for his invention of dynamite. He is best known for establishing the Nobel Prize, though he also contributed to chemistry, being granted 355 patents.
Nobel Prize for Chemistry
Nobel Prize for Literature
Nobel Prize for Medicine
Nobel Prize for Peace
Nobel Prize for Physics
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The selection process begins way ahead of time, in the early autumn of the year before the declaration of winner. Prize-awarding institutions invite more than 6,000 individuals to propose, or nominate. Once Nobel Committees have completed their work and submit their recommendations to the Royal Swedish Academy of Sciences and other prize-awarding institutions. The awarders make their final decision by November 15th.
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The general principles surrounding awards are laid down by Alfred Nobel in his will.In 1900 supplementary rules were agreed upon to help interpret and administer prizes between the executors and representatives of prize-awarding institutions.