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The Nobel Prize is a set of prestigious international awards given annually in several categories, including physics, chemistry, medicine, literature, and peace. The prizes were established by the will of Alfred Nobel, a Swedish industrialist, engineer, and inventor best known for inventing dynamite. Nobel's will specified that the prizes should be awarded to those who have made the most significant contributions to mankind in these fields.

The Nobel Prizes are awarded by various Swedish and Norwegian institutions, including the Nobel Assembly at the Karolinska Institute for physiology or medicine, the Nobel Committee for Physics at the Royal Swedish Academy of Sciences, and the Nobel Committee for Chemistry at the same Academy. The literature prize is awarded by the Swedish Academy, while the peace prize is awarded by the Norwegian Nobel Committee.

Each Nobel Prize consists of a medal, a diploma, and a cash award. The amount of the cash award varies from year to year, depending on the income from the Nobel Foundation's endowment. In recent years, the prize amount has been around 10 million SEK (Swedish kronor), which is equivalent to approximately 1 million USD. The prizes are presented in a ceremony on December 10th in Stockholm, Sweden, except for the peace prize, which is presented in Oslo, Norway.

The Nobel Prizes have been awarded since 1901 and have honored individuals and organizations from all over the world. Some notable recipients of the Nobel Prize include Albert Einstein for physics, Marie Curie for chemistry, Nelson Mandela for peace, and Ernest Hemingway for literature. The prizes are highly esteemed and are considered the highest honors in their respective fields.

In addition to the Nobel Prizes, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the Nobel Prize in Economics, was established in 1968. This prize was not one of the original Nobel Prizes established by Nobel's will, but it is awarded in a similar manner and is considered to be part of the Nobel Prize family.

The Nobel Prizes have not been without controversy, particularly in the selection process for the peace prize. Some critics have argued that the prizes are sometimes awarded based on political considerations rather than strictly on merit. Despite this criticism, the Nobel Prizes continue to be highly regarded and have had a significant impact on the fields of science, literature, and peace.

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