The Sveriges Riksbank Prize in Economic Sciences

In memory of Alfred Nobel

Nobel Prize in Economic Sciences has been awarded by The Sveriges Riksbank (The Swedish Central Bank).

Last year winners of the prize were Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats”.

Initially it was awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes".

86 individuals have been awarded 1969-2020.

What do they get?

Entitled to receive a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on the anniversary of Nobel's death (December 10).

The Nobel Prize amount for 2021 is set at Swedish kronor (SEK) 10.0 million per full Nobel Prize, that is estimated to ₹8.60 crores Indian rupees.

The medal in economic sciences was designed by Swedish artist and sculptor Gunvor Svensson-Lundqvist and shows the North Star emblem of the Royal Swedish Academy of Sciences.

Facts to Ponder

To date, the youngest economic sciences laureate is Esther Duflo, who was 46 years old when she was awarded in 2019 and the oldest economic sciences laureate to date is Leonid Hurwicz, who was 90 years old when he was awarded in 2007.

Only Two women have received the prize so far: Elinor Ostrom, who won in 2009, and Esther Duflo, who won in 2019.

In 1978, Herbert A. Simon, whose Ph.D. was in political science, became the first non-economist to win the prize.

Daniel Kahneman, a professor of psychology and public affairs at Princeton University is the first non-economist by profession to win the prize in 2002.

Amartya Sen was the first Asian as well as Indian to win the prize in 1998 for his contributions to welfare economics.

This edition of econSHOT is proofread by Alan Seemon. The thumbnail art is designed by Naveen Hari.

If you enjoyed reading this article, please feel free to share this in your network. Please don’t forget to follow us on LinkedIn, Instagram, Twitter, Facebook, YouTube and our website.