DEFINITION of 'Nobel Memorial Prize In Economic Sciences'
A prestigious award acknowledging outstanding contributions to the science of economics. The Nobel Memorial Prize in Economic Sciences is commonly called the Nobel Prize in Economics. The official name for the award is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
BREAKING DOWN 'Nobel Memorial Prize In Economic Sciences'
One of the most esteemed awards in economics, the Nobel Memorial Prize in Economic Sciences is awarded yearly to individuals making exceptional contributions to economics. An endowment from Sveriges Riksbank, Sweden's central bank, provides in perpetuity funding to pay the Nobel Foundation's administrative expenses pertaining to the award along with the monetary prize, which is 10 million Swedish kronor (approximately US1.5 million) as of 2010.
The prize is awarded by the Royal Swedish Academy of Sciences following an invitation for nominations. A maximum of three individuals can share a prize during the same year. Awards are presented at the annual Nobel Prize Award Ceremony in Stockholm, Sweden each year on December 10, the anniversary of Nobel's death.