The candidates eligible for the Prize in Economics are those nominated by qualified persons who have received an invitation from the Economics Prize Committee to submit names for consideration. No one can nominate himself or herself.
The Royal Swedish Academy of Sciences is responsible for the choice of the Laureates in Economics from among the candidates recommended by the Economics Prize Committee.
The Economics Prize Committee is the working body that screens the nominations and selects the final candidates for the Prize in Economics. It is composed of five members, but for many years the Committee has included adjunct members with the same voting rights as members.
Below is a brief description of the process involved in choosing the Laureates in Economics.
September – Nomination forms are sent out. The Economics Prize Committee sends out confidential forms to around 3,000 individuals – selected professors at universities around the world, Laureates in Economics, and members of the Royal Swedish Academy of Sciences, among others.
February – Deadline for submission. The completed forms must reach the Economics Prize Committee no later than January 31 of the following year. The Committee screens the nominations and selects the preliminary candidates. About 250-350 names are nominated as the same names are often submitted by several nominators.
March-May – Consultation with experts. The Economics Prize Committee sends the names of the preliminary candidates to specially appointed experts for their assessment of the candidates' work.
June-August – Writing of the report. The Economics Prize Committee puts together the report with recommendations to be submitted to the Academy. The report is signed by all members of the Committee.
September – Committee submits recommendations. The Economics Prize Committee submits its report with recommendations on the final candidates to the members of the Academy. The report is discussed at two meetings of the Economics Section of the Academy.
October – Economics Laureates are chosen. In early October, the Academy of Sciences selects the Laureates in Economics through a majority vote. The decision is final and without appeal. The names of the Laureates in Economics are then announced.
December – Economics Laureates receive their prize. The Nobel Prize Award Ceremony takes place on 10 December in Stockholm, where the Nobel Laureates receive their Nobel Prize, which consists of a Nobel Medal and Diploma, and a document confirming the prize amount.
The statutes of the Nobel Foundation restrict disclosure of information about the nominations, whether publicly or privately, for 50 years. The restriction concerns the nominees and nominators, as well as investigations and opinions related to the award of a prize.