What is the Nobel Prize?

The Nobel Prizes honor major contributions in physics, chemistry, physiology or medicine, literature and peace; the economics prize was added later by the Swedish central bank in 1968. Alfred Nobel, the Swedish inventor of dynamite, left instructions in his 1895 will to create the awards. The first prizes were presented in 1901, and since then they have become among the world’s most celebrated honors. Winners are chosen by different institutions, depending on the category, and receive a medal, diploma and cash award.