Alfred Noble & Noble Prize

 Alfred Noble & Noble Prize

 

Alfred Nobel was born on 21 October 1833 in Stockholm, Sweden, into a family of engineers. He was a chemist, engineer, and inventor. In 1894, Nobel purchased the Bofors iron and steel mill, which he made into a major armaments manufacturer. Nobel also invented ballistite. This invention was a precursor to many smokeless military explosives, especially the British smokeless powder cordite. As a consequence of his patent claims, Nobel was eventually involved in a patent infringement lawsuit over cordite. Nobel amassed a fortune during his lifetime, with most of his wealth coming from his 355 inventions, of which dynamite is the most famous.

In 1888, Nobel was astonished to read his own obituary, titled "The merchant of death is dead", in a French newspaper. It was Alfred's brother Ludvig who had died; the obituary was eight years premature. The article disconcerted Nobel and made him apprehensive about how he would be remembered. This inspired him to change his will.On 10 December 1896, Alfred Nobel died in his villa in San Remo, Italy, from a cerebral haemorrhage. He was 63 years old.

 Nobel wrote several wills during his lifetime. He composed the last over a year before he died, signing it at the Swedish–Norwegian Club in Paris on 27 November 1895.To widespread astonishment, Nobel's last will specified that his fortune be used to create a series of prizes for those who confer the "greatest benefit on mankind" in physics, chemistry, physiology or medicine, literature, and peace. Nobel bequeathed 94% of his total assets, 31 million SEK (c. US$186 million, €150 million in 2008), to establish the five Nobel Prizes. Owing to skepticism surrounding the will, it was not approved by the Storting in Norway until 26 April 1897. The executors of the will, Ragnar Sohlman and Rudolf Lilljequist, formed the Nobel Foundation to take care of the fortune and to organise the awarding of prizes.

 Nobel's instructions named a Norwegian Nobel Committee to award the Peace Prize, the members of whom were appointed shortly after the will was approved in April 1897. Soon thereafter, the other prize-awarding organizations were designated. These were Karolinska Institute on 7 June, the Swedish Academy on 9 June, and the Royal Swedish Academy of Sciences on 11 June.The Nobel Foundation reached an agreement on guidelines for how the prizes should be awarded; and, in 1900, the Nobel Foundation's newly created statutes were promulgated by King Oscar II.In 1905, the personal union between Sweden and Norway was dissolved.

Nobel Foundation

According to his will and testament read in Stockholm on 30 December 1896, a foundation established by Alfred Nobel would reward those who serve humanity. The Nobel Prize was funded by Alfred Nobel's personal fortune. According to the official sources, Alfred Nobel bequeathed most of his fortune to the Nobel Foundation that now forms the economic base of the Nobel Prize.

The Nobel Foundation was founded as a private organization on 29 June 1900. Its function is to manage the finances and administration of the Nobel Prizes. In accordance with Nobel's will, the primary task of the foundation is to manage the fortune Nobel left. Robert and Ludvig Nobel were involved in the oil business in Azerbaijan, and according to Swedish historian E. Bargengren, who accessed the Nobel family archive, it was this "decision to allow withdrawal of Alfred's money from Baku that became the decisive factor that enabled the Nobel Prizes to be established". Another important task of the Nobel Foundation is to market the prizes internationally and to oversee informal administration related to the prizes. The foundation is not involved in the process of selecting the Nobel laureates.In many ways, the Nobel Foundation is similar to an investment company, in that it invests Nobel's money to create a solid funding base for the prizes and the administrative activities. The Nobel Foundation is exempt from all taxes in Sweden (since 1946) and from investment taxes in the United States (since 1953).Since the 1980s, the foundation's investments have become more profitable and as of 31 December 2007, the assets controlled by the Nobel Foundation amounted to 3.628 billion Swedish kronor (c. US$560 million).

 According to the statutes, the foundation consists of a board of five Swedish or Norwegian citizens, with its seat in Stockholm. The Chairman of the Board is appointed by the Swedish King in Council, with the other four members appointed by the trustees of the prize-awarding institutions. An Executive Director is chosen from among the board members, a deputy director is appointed by the King in Council, and two deputies are appointed by the trustees. However, since 1995, all the members of the board have been chosen by the trustees, and the executive director and the deputy director appointed by the board itself. As well as the board, the Nobel Foundation is made up of the prize-awarding institutions (the Royal Swedish Academy of Sciences, the Nobel Assembly at Karolinska Institute, the Swedish Academy, and the Norwegian Nobel Committee), the trustees of these institutions, and auditors.

Foundation capital and cost

The capital of the Nobel Foundation today is invested 50% in shares, 20% bonds and 30% other investments (e.g. hedge funds or real estate). The distribution can vary by 10 percent.At the beginning of 2008, 64% of the funds were invested mainly in American and European stocks, 20% in bonds, plus 12% in real estate and hedge funds.

 In 2011, the total annual cost was approximately 120 million kronor, with 50 million kronor as the prize money. Further costs to pay institutions and persons engaged in giving the prizes were 27.4 million kronor. The events during the Nobel week in Stockholm and Oslo cost 20.2 million kronor. The administration, Nobel symposium, and similar items had costs of 22.4 million kronor. The cost of the Economic Sciences prize of 16.5 Million kronor is paid by the Sveriges Riksbank.

Prize in Economic Sciences

In 1968, Sweden's central bank Sveriges Riksbank celebrated its 300th anniversary by donating a large sum of money to the Nobel Foundation to be used to set up a prize in honour of Alfred Nobel. The following year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded for the first time. The Royal Swedish Academy of Sciences became responsible for selecting laureates. The first laureates for the Economics Prize were Jan Tinbergen and Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".The board of the Nobel Foundation decided that after this addition, it would allow no further new prizes.

Nobel Prizes

The Nobel Prizes are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to Mankind." Alfred Nobel was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his "remaining realisable assets" to be used to establish five prizes which became known as "Nobel Prizes." Nobel Prizes were first awarded in 1901.

Awarded for : Contributions that have conferred the greatest benefit to Mankind in the areas of Physics, Chemistry, Physiology or Medicine, Literature, and Peace.

Country : Sweden (all prizes except the Peace Prize) ,Norway (Peace Prize only)

Presented by Royal Swedish Academy of Sciences (Physics, Chemistry and Economic Sciences) ,Nobel Assembly at the Karolinska Institute (Physiology or Medicine) ,Swedish Academy (Literature) ,Norwegian Nobel Committee (Peace)

Reward(s) : A gold medal, a diploma, and a monetary award of 10 million SEK, approx. US$1,145,000 (2020)

First awarded : 1901; 121 years ago

Number of laureates : 603 prizes to 962 laureates (as of 2020)

Nobel Prizes are awarded in the fields of Physics, Chemistry, Physiology or Medicine, Literature, and Peace (Nobel characterized the Peace Prize as "to the person who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses"). In 1968, Sveriges Riksbank (Sweden's central bank) funded the establishment of the Prize in Economic Sciences in Memory of Alfred Nobel, to also be administered by the Nobel Foundation. Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.

 The prize ceremonies take place annually. Each recipient (known as a "laureate") receives a gold medal, a diploma, and a monetary award. In 2021, the Nobel Prize monetary award is 10,000,000 SEK. A prize may not be shared among more than three individuals, although the Nobel Peace Prize can be awarded to organizations of more than three people.Although Nobel Prizes are not awarded posthumously, if a person is awarded a prize and dies before receiving it, the prize is presented.

 The Nobel Prizes, beginning in 1901, and the Nobel Memorial Prize in Economic Sciences, beginning in 1969, have been awarded 603 times to 962 people and 25 organizations.Four individuals and two organisations have received more than one Nobel Prize.

Award ceremonies

Except for the Peace Prize, the Nobel Prizes are presented in Stockholm, Sweden, at the annual Prize Award Ceremony on 10 December, the anniversary of Nobel's death. The recipients' lectures are normally held in the days prior to the award ceremony. The Peace Prize and its recipients' lectures are presented at the annual Prize Award Ceremony in Oslo, Norway, usually on 10 December. The award ceremonies and the associated banquets are typically major international events. The Prizes awarded in Sweden's ceremonies are held at the Stockholm Concert Hall, with the Nobel banquet following immediately at Stockholm City Hall. The Nobel Peace Prize ceremony has been held at the Norwegian Nobel Institute (1905–1946), at the auditorium of the University of Oslo (1947–1989), and at Oslo City Hall (1990–present).

 The highlight of the Nobel Prize Award Ceremony in Stockholm occurs when each Nobel laureate steps forward to receive the prize from the hands of the King of Sweden. In Oslo, the chairman of the Norwegian Nobel Committee presents the Nobel Peace Prize in the presence of the King of Norway and the Norwegian royal family.At first, King Oscar II did not approve of awarding grand prizes to foreigners. It is said[by whom?] that he changed his mind once his attention had been drawn to the publicity value of the prizes for Sweden.

Prizes:

Medals 

The Nobel Foundation announced on 30 May 2012 that it had awarded the contract for the production of the five (Swedish) Nobel Prize medals to Svenska Medalj AB. Between 1902 and 2010, the Nobel Prize medals were minted by Myntverket (the Swedish Mint), Sweden's oldest company, which ceased operations in 2011 after 107 years. In 2011, the Mint of Norway, located in Kongsberg, made the medals. The Nobel Prize medals are registered trademarks of the Nobel Foundation.

 Each medal features an image of Alfred Nobel in left profile on the obverse. The medals for physics, chemistry, physiology or medicine, and literature have identical obverses, showing the image of Alfred Nobel and the years of his birth and death. Nobel's portrait also appears on the obverse of the Peace Prize medal and the medal for the Economics Prize, but with a slightly different design. For instance, the laureate's name is engraved on the rim of the Economics medal.The image on the reverse of a medal varies according to the institution awarding the prize. The reverse sides of the medals for chemistry and physics share the same design.

All medals made before 1980 were struck in 23 carat gold. Since then, they have been struck in 18 carat green gold plated with 24 carat gold. The weight of each medal varies with the value of gold, but averages about 175 grams (0.386 lb) for each medal. The diameter is 66 millimetres (2.6 in) and the thickness varies between 5.2 millimetres (0.20 in) and 2.4 millimetres (0.094 in). Because of the high value of their gold content and tendency to be on public display, Nobel medals are subject to medal theft.During World War II, the medals of German scientists Max von Laue and James Franck were sent to Copenhagen for safekeeping. When Germany invaded Denmark, Hungarian chemist (and Nobel laureate himself) George de Hevesy dissolved them in aqua regia (nitro-hydrochloric acid), to prevent confiscation by Nazi Germany and to prevent legal problems for the holders. After the war, the gold was recovered from solution, and the medals re-cast.

Diplomas            

Nobel laureates receive a diploma directly from the hands of the King of Sweden, or in the case of the peace prize, the chairman of the Norwegian Nobel Committee. Each diploma is uniquely designed by the prize-awarding institutions for the laureates that receive them. The diploma contains a picture and text in Swedish which states the name of the laureate and normally a citation of why they received the prize. None of the Nobel Peace Prize laureates has ever had a citation on their diplomas.

Award money

The laureates are given a sum of money when they receive their prizes, in the form of a document confirming the amount awarded .The amount of prize money depends upon how much money the Nobel Foundation can award each year. The purse has increased since the 1980s, when the prize money was 880,000 SEK per prize (c. 2.6 million SEK altogether, US$350,000 today). In 2009, the monetary award was 10 million SEK (US$1.4 million). In June 2012, it was lowered to 8 million SEK. If two laureates share the prize in a category, the award grant is divided equally between the recipients. If there are three, the awarding committee has the option of dividing the grant equally, or awarding one-half to one recipient and one-quarter to each of the others .It is common for recipients to donate prize money to benefit scientific, cultural, or humanitarian causes.

Source: https://en.m.wikipedia.org/wiki/Nobel_Prize