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The first distribution of the prizes took place on December 10, 1901, the fifth anniversary of Nobel's death. An additional award, the Prize for Economic Sciences in Memory of Alfred Nobel was established in 1968 by the Bank of Sweden and was first awarded in 1969.
The prestige of the Nobel Prize stems in part from the considerable research that goes into the selection of the prizewinners. Although the winners are announced in October and November, the selection process begins in the early autumn of the preceding year, when the prize-awarding institutions invite more than 6,000 individuals to propose, or nominate, candidates for the prizes...
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