The Peace Prize is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. The Nobel Prize is widely regarded as the most prestigious award available in the fields of literature, medicine, physics, chemistry, peace, and economics.
The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Nobel Memorial Prize in Economic Sciences; the Nobel Assembly at Karolinska Institutet awards the Nobel Prize in Physiology or Medicine; the Swedish Academy grants the Nobel Prize in Literature; and the Nobel Peace Prize is not awarded by a Swedish organisation but by the Norwegian Nobel Committee.
Nobel Prize in Literature
Since 1901, the Nobel Prize in Literature (Swedish: Nobelpriset i litteratur) has been awarded annually to an author from any country who has, in the words of the will of Alfred Nobel, produced "in the field of literature the most outstanding work in an ideal direction" (original Swedish: den som inom litteraturen har producerat det mest framstående verket i en idealisk riktning). Though individual works are sometimes cited as being particularly noteworthy, here "work" refers to an author's work as a whole. The Swedish Academy decides who, if anyone, will receive the prize in any given year. The academy announces the name of the chosen laureate in early October.
A Literature Nobel Prize laureate earns a gold medal, a diploma bearing a citation, and a sum of money. The amount of money awarded depends on the income of the Nobel Foundation that year. If a prize is awarded to more than one