Working Paper Series
The Prize in Economic Sciences in Memory of Alfred Nobel--1969 - 1998
Abstract: In conjunction with its tercentenary celebrations in 1968,
Sveriges Riksbank (Bank of Sweden) instituted a new award, "The Central
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" on the
basis of an economic commitment by the bank in perpetuity. The award is
given by the Royal Swedish Academy of Sciences according to the same
principles as for the Nobel Prizes that have been awarded since 1901.
The procedures for selecting the laureates are also the same. Each year the
Academy receives some 250 nominations, usually covering a little more than
one hundred nominees. (Unsolicited suggestions from persons who have not
been asked to submit nominations are not considered.) The Economics Prize
Selection Committee of the Academy (with five to eight members) commissions
experts but usually by foreigners. The prize committee presents its award
proposal to the Social Science Class of the Academy in the form of a
report, with an extensive survey of the main candidates that are considered
for a prize. The report motivates the proposal and includes all the
solicited expert studies. Finally the entire Academy meets to take the
final award decision, usually in October.
Which criteria have guided
the awards so far? And what have been the main problems when selecting the
It is useful to start a discussion of these issues with a
rough classification of the various types of economics prize awards given
som far. It should be kept in mind, however, that all such classifications
are rather arbitrary since the multidimensional nature of scientific
contributions makes it difficult in avoid overlap.
Keywords: Nobel-prize; Economic thought; Methodology; (follow links to similar papers)
JEL-Codes: A10; B20; B40; (follow links to similar papers)
28 pages, February 19, 1999
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