Nobel Prize

The Nobel Prize is a worldwide award given annually, founded through the bequest of Alfred Nobel, a Swedish scientist and industrialist who invented dynamite. Nobel wished the bulk of his fortune to be used to fund awards recognizing those whose work has brought great benefit to humanity.

Originally five categories were established: physics, chemistry, physiology or medicine, literature, and peace. The prizes began to be awarded in the early twentieth century. A sixth award in economics was later added, created by Sweden's central bank and officially designated as the Nobel Memorial Prize in Economic Sciences.

Selection procedure

Each category is decided by a separate body. The Royal Swedish Academy of Sciences awards physics, chemistry, and economics; the Karolinska Institute awards physiology or medicine; the Swedish Academy awards literature; and a Norwegian committee appointed by Norway's parliament awards the peace prize. The process begins with confidential nominations, followed by specialist committees that narrow the field, and concludes with a vote.

The names of nominees and the decision documents are kept confidential for a considerable period before being released, making the procedure one that cannot be rushed. A single prize may be divided among several recipients, though three is the customary limit. Generally, the award is not given posthumously, though this has occurred occasionally when death occurred between the announcement and the ceremony.

Awards and funding

Laureates receive a gold medal, a decorated diploma, and monetary compensation paid from the Nobel Foundation endowment. The monetary amount varies annually depending on investment returns. The awards ceremonies are held on December 10, the anniversary of Nobel's death—the scientific and literary prizes in Stockholm, and the peace prize in Oslo.

Criticism and debate

Questions about the selection process arise regularly. Common criticisms include that modern science involves large collaborative teams unsuitable for a three-person limit, that women and researchers from the global south are underrepresented, and that the peace prize sometimes reflects contemporary political concerns. It is also noted that important work may be overlooked due to timing and selection constraints.