Nobel Memorial Prize in Economic Sciences
The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes". In 2009, Elinor Ostrom became the first woman awarded the prize.
Nobel Prize
In 1968, Sveriges Riksbank (Sweden's central bank) celebrated its 300th anniversary by donating a large sum of money to the Nobel Foundation to be used to set up a prize in honor of Nobel. The following year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded for the first time. The Royal Swedish Academy of Sciences became responsible for selecting laureates. The first laureates for the Economics Prize were Jan Tinbergen and Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes". The Board of the Nobel Foundation decided that after this addition, it would allow no further new prizes.