Thursday, February 24, 2011

The Nobel Prize


The Nobel Prize is the first international award given yearly since 1901 for achievements in physics, chemistry, medicine, l iterature and peace. The prize consists of a medal, a personal diploma, and a prize amount.
In 1968, the Sveriges Riksbank (Bank of Sweden) instituted the Prize in Economic Sciences in memory of Alfred Nobel, founder of the Nobel Prize.
In the beginning, more than three prize winners could share a Nobel Prize, although this was never practiced. Paragraph four of the Statutes of the Nobel Foundation was amended in 1968, restricting the number of prizewinners to only three.
Previously, a person could be awarded a prize posthumously if the nomination was made before February 1 of the same year. Since 1974, the Prize may only go to a deceased person who has been named as prize winner for the year (usually in October) but who dies before the Prize Awarding Ceremony on December 10.


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