Nobel Prize
Overview
The Nobel Prizes are among the world's most prestigious awards. Each winner receives a gold medal, a Nobel Prize diploma, and, for unshared prizes, a monetary award exceeding $1M. Every year since 1901, five prizes have honored people who have made important contributions to physics, chemistry, physiology or medicine, literature, and world peace. In 1968, a sixth prize in economic sciences was established to celebrate the 300th anniversary of Sweden's central bank.
Alfred Nobel, the inventor of dynamite, left the vast majority of his estate upon his death to found the awards and honor those who provided "the greatest benefit to humankind." The winners are selected by the Royal Swedish Academy of Sciences, the humanities-focused Swedish Academy, Karolinska Institutet—a Swedish medical university—and the Norwegian Nobel Committee.
Nobel Prizes cannot be awarded posthumously nor be shared by more than three people, with the exception of the peace prize. Critics have argued that limiting each prize to three or fewer people means that some researchers who played significant roles in major discoveries are not credited. The awards have also been criticized for limited recognition of women and people from developing nations and for honoring individuals accused of war crimes or similar misdeeds.
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