III.

Prizes

A prize for achievement in a particular field may be awarded to an individual, divided equally between two people, or awarded jointly among two or three people. According to the Nobel Foundation’s statutes, the prize cannot be divided among more than three people, but it can go to an institution. A prize may go unawarded if no candidate is chosen for the year under consideration, but each of the prizes must be awarded at least once every five years. If the Nobel Foundation does not award a prize in a given year, the prize money remains in the trust. Likewise, if a prize is declined or not accepted before a specified date, the Nobel Foundation retains the prize money in its trust.

The prize amounts are based on the annual yield of the fund capital. In 1948 Nobel prizes were about $32,000 each; in 1997 they were about $1 million each. In addition to a cash award, each prizewinner also receives a gold medal and a diploma bearing the winner's name and field of achievement. Prizewinners are known as Nobel laureates.