The foundations for the prize was laid in 1895 when Alfred Nobel left much of his wealth to be managed in trusts and to be used yearly to award men and women for outstanding achievements in Science. There are five Nobel Prizes awarded for achievements in physics, chemistry, physiology or medicine, literature and for peace. In 1968 The Swedish National Bank created a prize for the Economic Science. Although not a Nobel Prize it is announced and awarded at the same time, 10th of December. The Noble Peace Prize can be awarded to institutions but the others are awarded to an individual.
There is a nomination process and selection process. The documents regarding selection of the winners are sealed for 50 years.
The Nobel Laureates will be giving a public lecture about the subject they received the prize for. Check out the lectures at the official youtube channel: youtube.com/thenobelprize from 3 pm December 7th. You can also visit the Official site of the Nobel Prize for more information.
Text: Pieta Eklund