Lester Nare and Krishna Choudhary explain how the Nobel Prizes work, prompted by viewer comments on earlier episodes. They cover the prizes' origin in Alfred Nobel's 1895 will, the first award in 1901, and the fact that different committees pick different prizes: the Royal Swedish Academy of Sciences handles physics, chemistry and economics, the Nobel Assembly at the Karolinska Institute handles medicine, the Swedish Academy handles literature, and the Norwegian Nobel Committee, appointed by the Storting, handles peace. They also address why awards often go to decades-old work, comparing the science prizes to a sports hall of fame that honors a discovery once its impact has had time to play out.
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Nobel's original endowment is cited as 31 million Swedish kroner, not inflation adjusted.
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Nobel held 355 patents and is noted for inventing dynamite as well as writing poetry and drama.
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The economics prize was added later and first awarded in 1969.
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The hosts note that Nobel's will gives no stated reason why Norway administers the Peace Prize.
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