Nomination to the Prize in Economic Sciences is by invitation only. The names of the nominees and other information about the nominations cannot be revealed until 50 years later.
The Economic Sciences Prize Committee sends confidential forms to persons who are competent and qualified to nominate.
The right to submit proposals for the award of a Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel shall, by statute, be enjoyed by:
|1.||Swedish and foreign members of the Royal Swedish Academy of Sciences;|
|2.||Members of the Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel;|
|3.||Persons who have been awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel;|
|4.||Permanent professors in relevant subjects at the universities and colleges in Sweden, Denmark, Finland, Iceland and Norway;|
|5.||Holders of corresponding chairs in at least six universities or colleges, selected for the relevant year by the Academy of Sciences with a view to ensuring the appropriate distribution between different countries and their seats of learning; and|
|6.||Other scientists from whom the Academy may see fit to invite proposals.|
Decisions as to the selection of teachers and scientists referred to in paragraphs 5 and 6 above shall be taken each year before the end of the month of September.
The Royal Swedish Academy of Sciences is responsible for the selection of the Laureates in Economic Sciences from among the candidates recommended by the Economic Sciences Prize Committee. The Committee is the working body that screens the nominations and selects the final candidates. It consists of five members, but for many years the Committee has included adjunct members with the same voting rights as members.
The candidates eligible for the Prize in Economic Sciences are those nominated by qualified persons who have received an invitation from the Economic Sciences Prize Committee to submit names for consideration. No one can nominate himself or herself.
Below is a brief description of the process involved in choosing the Laureates in Economic Sciences.
September – Nomination forms are sent out. The Economic Sciences Prize Committee sends out confidential forms to around 3,000 individuals – selected professors at universities around the world, Laureates in Economic Sciences, and members of the Royal Swedish Academy of Sciences, among others.
February – Deadline for submission. The completed forms must reach the Economic Sciences Prize Committee no later than January 31 of the following year. The Committee screens the nominations and selects the preliminary candidates. About 250-350 names are nominated as the same names are often submitted by several nominators.
March-May – Consultation with experts. The Economic Sciences Prize Committee sends the names of the preliminary candidates to specially appointed experts for their assessment of the candidates' work.
June-August – Writing of the report. The Economic Sciences Prize Committee puts together the report with recommendations to be submitted to the Academy. The report is signed by all members of the Committee.
September – Committee submits recommendations. The Economic Sciences Prize Committee submits its report with recommendations on the final candidates to the members of the Academy. The report is discussed at two meetings of the Economic Sciences Section of the Academy.
October – Economic Sciences Laureates are chosen. In early October, the Academy of Sciences selects the Laureates in Economic Sciences through a majority vote. The decision is final and without appeal. The names of the Laureates in Economic Sciences are then announced.
December – Economic Sciences Laureates receive their prize. The Nobel Prize Award Ceremony takes place on 10 December in Stockholm, where the Nobel Laureates receive their Nobel Prize, which consists of a Nobel Medal and Diploma, and a document confirming the prize amount.
The statutes of the Nobel Foundation restrict disclosure of information about the nominations, whether publicly or privately, for 50 years. The restriction concerns the nominees and nominators, as well as investigations and opinions related to the award of a prize.
The Prize in Economic Sciences is not a Nobel Prize. In 1968, Sveriges Riksbank (Sweden's central bank) instituted "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel", and it has since been awarded by the Royal Swedish Academy of Sciences according to the same principles as for the Nobel Prizes that have been awarded since 1901. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.