<P> The Nobel Memorial Prize in Economic Sciences (officially Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field . </P> <P> The prize was established in 1968 by a donation from Sweden's central bank, the Swedish National Bank, on the bank's 300th anniversary . Although it is not one of the prizes that Alfred Nobel established in his will in 1895, it is referred to along with the other Nobel Prizes by the Nobel Foundation . Laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony . </P> <P> Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences . It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes". </P> <P> An endowment "in perpetuity" from Sveriges Riksbank pays the Nobel Foundation's administrative expenses associated with the prize and funds the monetary component of the award . </P>

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