the nobel prizes are annual international awards bestowed by scandinavian committees in recognition of cultural and scientific ad¬vances. they were established by the swedish chemist alfred nobel, the inventor of dynamite. the prizes in physics, chemistry, psychology or medicine, literature and peace efforts were first awarded in 1901. the sveriges riksbank prize in economic sciences in memory of nobel was instituted in 1968. although this is not technically a nobel prize, its announcements and presentations are made along with other prizes. each nobel prize is widely regarded as the most prestigious award in its field. each laureate is presented with a gold medal, a di¬ploma and a sum of money which depends on the nobel founda¬tion’s income that year. the prize cannot be awarded posthumously , nor may a prize be shared among more than three people.
