The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award funded by Sveriges Riksbank and administered by the Nobel Foundation. Although not one of the five Nobel Prizes established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner as and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony.That the prize is not an original Nobel Prize has been a subject of controversy, with four of Nobel's relatives having formally distanced themselves from the Prize in Economic Sciences.The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch "for having developed and applied dynamic models for the analysis of economic processes". Source: Wikipedia (en)