Alfred Noble, a Swedish inventor and philanthropist, donated most of his vast fortune in trust as a fund from which annual prizes could be awarded to individuals and organizations who has achieved the greatest benefit to humanity in a particular year. Originally, there were six classifications for outstanding contributions designated in Nobel's will including chemistry, physics, physiolohy or medicine, literature, internatinal peace. The prizes are administred by the Noble Foundation in Stockholm. In 1969, a prize for economics endowed. By the Central Bank of Sweden was added. Candidates for the prizes must be nominated in writing by a qualified authority in the field of competition. Recipients in physics, chemistry and economics are selected by the Royal Swedish Academy of Science and in peace by Norwegian Nobel Committee appolinted by Norway's parliament. The prizes are usually presented in Stockholm on December 10, with the king of Sweden offciating, an appropriate tribute to Alfred Nobel on the anniversary of his death.

Each one in a gold medal, a diploma and a cash award of about one million dollars.

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