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The Nobel Prizes (Swedish: Nobelprisen), as designated in Alfred Nobel's will in 1895, are awarded for physics, chemistry, physiology or medicine, literature, and peace. A prize in economics in memory of Nobel was instituted by Sweden's central bank in 1968. The first five prizes were first awarded in 1901, while the first prize in economics was awarded in 1969. All six prizes are administered by the Nobel Foundation. They are widely regarded as the most prestigious award one can receive in those fields of research, although the peace prize is also viewed as being politically motivated. With the exception of the peace prize, the prizes are all handed out in Stockholm at an annual ceremony on December 10, the anniversary of Nobel's death. The peace prize is handed out in Oslo, Norway