1. Each year the respective committees send individual invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Nobel Prizes for the coming year. Those who are competent to submit nominations are chosen in such a way that as many countries and universities as possible will be represented.

2. These prize nominations must reach the respective Nobel Committees of the Prize Awarding Institutions before February 1 of the year for which the nomination is being made.

3. The nominations received by each committee are then evaluated with the help of specially appointed experts. When the committees have made their selection among the nominated candidates and have presented their recommendations to the Prize Awarding Institutions, a vote is taken for the final choice of Laureates.

4. The choice of the year's Laureates is announced immediately after the vote in October each year.

5. The prizes are awarded at the Prize Award Ceremony at the Concert Hall in Stockholm, Sweden, on December 10 (the Anniversary of Alfred Nobel's death). The Nobel Peace Prize is awarded on the same day at the City Hall in Oslo, Norway.

The procedure to nominate candidates for the Nobel Prizes varies somewhat among the Prize Awarding Institutions.

Excerpt from the statutes for the Prize in Economic Sciences in Memory of Alfred Nobel, established by the Bank of Sweden:

Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel

(The Royal Swedish Academy of Sciences)

Invitations to nominate are sent to:

1. Swedish and foreign members of the Academy of Sciences;

2. Members of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences;

3. Recipients of the Prize in Economic Sciences;

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 whom the Academy may see fit to invite proposals.

Decisions as to the selection of the teachers and scientists referred to in sections 5 and 6 shall be taken before the end of the month of September.