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The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee to individuals who make outstanding contributions in the fields of chemistry, physics, literature, peace, and physiology or medicine. They were established by the 1895 will of Alfred Nobel, which dictates that the awards should be administered by the Nobel Foundation. Another prize, the Nobel Memorial Prize in Economic Sciences, was established in 1968 by the Sveriges Riksbank, the central bank of Sweden, for contributors to the field of economics. Each prize is awarded by a separate committee; the Royal Swedish Academy of Sciences awards the Prizes in Physics, Chemistry, and Economics, the Karolinska Institute awards the Prize in Physiology or Medicine, and the Norwegian Nobel Committee awards the Prize in Peace. Each recipient receives a medal, a diploma and a cash prize that has varied throughout the years. In 1901, the winners of the first Nobel Prizes were given 150,782 SEK, which is equal to 7,731,004 SEK in December 2007. In 2008, the winners were awarded a prize amount of 10,000,000 SEK. The awards are presented in Stockholm in an annual ceremony on December 10, the anniversary of Nobel's death.
As of 2016, there have been 54 Nobel laureates affiliated with Cornell University, including 20 Cornell alumni (laureates who attended the university as undergraduate, graduate student or researcher) and 34 members of the faculty or visiting faculty The Nobel Prize categories of Physics and Physiology or Medicine each account for twelve awards to Cornell-affiliated laureates. People affiliated with Cornell also have received eight Nobel Prize awards for Chemistry, four for Literature, three for Economics, and two Nobel Peace Prizes.