What is in news : Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2021 — often incorrectly referred to as the Nobel Prize in Economics — to three US-based economists.

NOBEL PRIZE:

• The Nobel Prize award was first conferred in 1901. It is given in the name of Alfred Nobel who was a Swedish inventor.
• The season for Nobel Prize begins in October every year.
• The Nobel Prize is awarded yearly to the individuals or organizations who do an extraordinary job in the field of Physics, chemistry, literature, peace, physiology or medicine and Economics.
• All the Nobel Prizes are given at Stockholm, Sweden except for the Nobel Peace Prize which is awarded at Oslo, Norway.
• The Nobel Prize in Physiology or Medicine field is awarded by the Karolinska Institute. While in Physics, Chemistry and economics the prize is awarded by Royal Swedish academy of science.
• The Nobel Peace Prize is awarded by Norwegian Nobel Committee. In Literature, the Swedish Academy grants the Nobel Prize while the Sveriges Riksbank prize is given in the field of Economic Sciences.
• Three people at maximum can share a Nobel Prize.