<P> Each September the Academy's Economics Prize Committee, which consists of five elected members, "sends invitations to thousands of scientists, members of academies and university professors in numerous countries, asking them to nominate candidates for the Prize in Economics for the coming year . Members of the Academy and former laureates are also authorised to nominate candidates ." All proposals and their supporting evidence must be received before February 1 . The proposals are reviewed by the Prize Committee and specially appointed experts . Before the end of September, the committee chooses potential laureates . If there is a tie, the chairman of the committee casts the deciding vote . Next, the potential laureates must be approved by the Royal Swedish Academy of Sciences . Members of the Ninth Class (the social sciences division) of the Academy vote in mid-October to determine the next laureate or laureates of the Prize in Economics . As with the Nobel Prizes, no more than three people can share the prize for a given year; they must still be living at the time of the Prize announcement in October; and information about Prize nominations cannot be disclosed publicly for 50 years . </P> <P> Like the Nobel laureates in physics, chemistry, physiology or medicine, and literature, each laureate in Economics receives a diploma, gold medal, and monetary grant award document from the King of Sweden at the annual Nobel Prize Award Ceremony in Stockholm, on the anniversary of Nobel's death (December 10). </P> <P> 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 . </P> <P> Sylvia Nasar wrote in her book A Beautiful Mind that in February 1995, after acrimony pertaining to the awarding of the 1994 Prize in Economics to John Forbes Nash, the Prize in Economics was redefined as a prize in social sciences . This makes it available to researchers in such topics as political science, psychology, and sociology . Moreover, the composition of the Economics Prize Committee changed to include two non-economists . This has not been confirmed by the Economics Prize Committee . The members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics . In 1978, Herbert A. Simon, whose PhD was in political science, became the first non-economist to win the prize, while Daniel Kahneman, a professor of psychology and international relations at Princeton University is the first non-economist by profession to win the prize . </P>

First person to get nobel prize in economics