Nobel Memorial Prize in Economic Sciences
| Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | |
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| Awarded for | Outstanding contributions in Economic Sciences |
| Location | , Sweden |
| Presented by | Royal Swedish Academy of Sciences |
| First awarded | 1969 |
| Official website | http://www.webcitation.org/5EsureXKk |
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"for their contributions to contract theory". |
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Angus Deaton
(2015)
Oliver Hart
Bengt Holmström
(2016)
The Nobel Memorial Prize in Economic Sciences (officially Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.
The prize was established in 1968 by a donation from Sweden's central bank, the Swedish National Bank, on the bank's 300th anniversary. Although it is not one of the prizes that Alfred Nobel established in his will in 1895, it is referred to along with the other Nobel Prizes by the Nobel Foundation. Laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony.
Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes."
An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award.
Since 2012, the monetary portion of the Prize in Economics has totalled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes. Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx. US$1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize in the Nobel Foundation's internet webpage.
The Prize in Economics is not one of the original Nobel Prizes created by Alfred Nobel's will. However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes.
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