The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of
economics. The prize is generally considered the most prestigious honor in economics. Although it is awarded in accordance with same principles as
Nobel Prizes established in the
will of
Alfred Nobel, it is formally not a Nobel Prize. The award was initiated some 70 years after the death of Alfred Nobel by the
Swedish Central Bank on its 300th anniversary in 1968, and first awarded in 1969. It is administered by the
Nobel Foundation and the economics laureates are selected by the Nobel Committee. The laureates receive their diploma and gold medal from the
Swedish monarch at the same
December 10 ceremony in
Stockholm as the laureates in
physics,
chemistry,
physiology or medicine, and
literature. In comparison to the original Nobel Prizes, the only practical difference is that the Swedish Central Bank provides the cash award for the prize in economics.
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