The Nobel Prizes are awarded annually by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institutet, and the Norwegian Nobel Committee to individuals and organizations 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. An additional prize in memory of Alfred Nobel was established in 1968 by Sveriges Riksbank for outstanding contributions to the field of economics. Each recipient, a Nobelist or laureate, receives a gold medal, a diploma, and a sum of money which is decided annually by the Nobel Foundation.