The Nobel Prize , as designated in
Alfred Nobel's will in 1895, is awarded for
physics,
chemistry,
physiology or medicine,
literature, and
peace. A prize in
economics in memory of Nobel ("The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel") was instituted by
Sweden's central bank in 1968. The five initial prizes were first awarded in 1901, while the first prize in economics was awarded in 1969. The prizes in specific fields of research are widely regarded as the most prestigious award one can receive in those fields. The
Nobel Peace Prize conveys social prestige, and that award also is often politically controversial. With the exception of the Nobel Peace Prize, the Nobel Prizes are presented in
Stockholm at a formal annual ceremony on December 10, the
anniversary of Nobel's death. The Nobel Peace Prize and its recipients' lectures are presented at a formal annual ceremony in
Oslo,
Norway, also on December 10; the lectures by the recipients of the Prizes awarded in Stockholm occur in the days prior to December 10. "Since the Nobel Prize is regarded by far as the most prestigious prize in the world, the Award Ceremonies as well as the Banquets in Stockholm and Oslo on 10 December have been transformed from local Swedish and Norwegian arrangements into major international events that receive worldwide coverage by the print media, radio and television."
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