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The Nobel Prize in 2016 will be handed out on Saturday, November 10th at the Oslo City Hall.

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The Nobel Prizes 2016 are a series of awards created in 1895 by Alfred Nobel (1833-1896), a Swedish industrialists, inventory, and manufacturer. Originally, the awards were created to celebrate and honors individuals and organizations who make exceptional contributions to chemistry, physics, literature, peace, and physiology/medicine. In 1968, a sixth award, the Nobel Memrorial Prize in Economic Studies, was created by the Sveriges Riskank, which is the main bank in Sweden. 

Each prize has their own committee that is responsible for selecting the individual(s) or organization(s) that receive the annual reward. The Royal Swedish Academy of Sciences is responsible for awarding the the Nobel Prize in chemistry, physics, and economics.  The Karolinska Institute awards the prize in physiology/medicine. And the Norwegian Nobel Committee awards the Nobel Peace Prize. Each Nobel Prize recipient, known as a laureate, receives a gold medallion, an official diploma, and an amount of money that is decided upon by the Nobel Foundation. 

The various prizes are announced at different times beginning in early October. The actual Nobel Prizes are physically handed out on December 10th, the anniversary of Alred Nobel's death, of every year at the Oslo City Hall. 

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