The prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel, is the last of this year's crop of Nobel awards and sees the winners share a sum of 10 million Swedish crowns ($883,954).The prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on Dec. 10. Unlike the other prizes, the economics award wasn’t established in Alfred Nobel's will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969.
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