Confidential nomination forms are sent out by the Economic Sciences Prize Committee to 3,000 qualified nominators, who put forth names of candidates who should be award the coveted prize.
The Nobel Prize in Economics this year was awarded to Abhijit Banerjee, Esther Duflo, and Michael Kremer. Officially known as the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, it was not part of the actual Nobel Prize that commenced in 1901.
The award in Economics was instituted in 1968 by the Swedish Central Bank and has since been awarded according to the same principles as the Nobel Prize. So how exactly is the world’s most prestigious award given?
Confidential nomination forms are sent out by the Economic Sciences Prize Committee to 3,000 qualified nominators. These nominators include elected professors at universities around the world, Laureates in Economic Sciences, and members of the Royal Swedish Academy of Sciences, among others.
A deadline is given for the completed nominations to be submitted and then a committee screens the nominations and selects preliminary candidates.
About 250-350 names are nominated as the same names are often submitted by several nominators.
The Committee then sends the names of the preliminary candidates to specially appointed experts for the assessment of a candidates’ work.
Once the experts have assessed the work, the committee puts together the report with recommendations.Check out the video to find out all the details on selecting candidates for Nobel Prizes.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.