Nature of The Award
Some media refer to the prize as the Alternative Nobel Prize,. The prize is frequently understood as a critique of the traditional Nobel prizes.
The prize differs significantly from the Nobel Prizes:
- similar to the Sveriges Riksbank economics prize, it is not a fulfillment of Alfred Nobel's bequest and thus not one of Nobel's own prizes
- it has an open nomination process (anyone can nominate anyone else, except close relatives or their own organizations);
- it is not limited to specific categories.
- its prize money is considerably lower than the one of the Nobel Prize. Currently it is 200,000 € compared to about 1,000,000 € for a Nobel Prize.
- the funds for the prizes are continually acquired by donations, while the Nobel Prizes come from the revenue of Alfred Nobel's fortune. The economics prize is financed by Sveriges Riksbank.
Read more about this topic: Right Livelihood Award
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