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.

  1. John Bates Clark Medal

    An award issued to an American economist under the age of 40 ...
  2. Ronald H. Coase

    A British economist who won the 1991 Nobel Memorial Prize in ...
  3. Richard Stone

    Richard Stone is a British economist who won the 1984 Nobel Memorial ...
  4. Hole-In-One Insurance

    A product that offers financial protection to golf tournament ...
  5. Paul Samuelson

    The first American to win the Nobel Memorial Prize in Economics, ...
  6. Herbert A. Simon

    An American economist and social scientist who won the Nobel ...
Related Articles
  1. Insights

    American Economist Richard Thaler Wins Nobel Memorial Prize

    The University of Chicago's Richard Thaler has been recognized for his contributions to behavioral economics.
  2. Insights

    5 Nobel Prize-Winning Economic Theories You Should Know About

    Here are 5 prize-winning economic theories that you’ll want to be familiar with.
  3. Insights

    Do Cannes Winners Cash In?

    It may be the most prestigious film festival and competition in the world, but does winning Cannes lead to winning at the box office?
  4. Tech

    Bitcoin Best Example of Irrational Exuberance Right Now: Nobel Prize Winner

    Robert Shiller won the Nobel prize for his research into bubbles. Now he says that bitcoin is the latest example.
  5. Investing

    Netflix, Amazon Win Two Awards Each at Golden Globes

    The streaming services improved on last year's tally in 2016. But they still could not top their 2015 haul.
  6. Investing

    Hulu Upstages Netflix, Amazon at Emmys

    Hulu became the first online network to win the coveted prize for best TV drama.
  7. Financial Advisor

    Who is Richard Thaler, Economics Nobel Prize Winner?

    Thaler, one of the founding behavioral economists, won the 2017 Nobel Prize in Economic Sciences.
  8. Small Business

    11 Summer Books to Read That JP Morgan Recommends (JPM)

    Discover the 11 books included in JPMorgan's 18th annual summer reading list. The titles cover a range of topics, from sleep to maps.
  9. Insights

    McKinsey and FT Pick the Best Business Books of 2017

    Which of these 17 titles will be picked this year's business book of the year ?
  10. Investing

    Why Exact Sciences' Shares Lose Their Luster

    The market is underwhelmed by Exact Sciences Corporation's latest secondary offering.
  1. Is economics a science?

    Learn how economics fits into the category of social sciences, and discover the arguments critics make against this classification. Read Answer >>
  2. How can I request a Social Security disability award letter?

    Learn about award letters and how to apply for Social Security disability benefits. Gain insight as to why disability applications ... Read Answer >>
  3. Why is game theory useful in business?

    Once hailed as a revolutionary interdisciplinary phenomenon, game theory is actually applicable in today's business world. ... Read Answer >>
  4. What are some of the limitations and drawbacks of economics as a field?

    Find out why the field of economics is full of controversy. Policy decisions, political campaigns and personal finances are ... Read Answer >>
Trading Center