<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> <P> Since 2012, the monetary portion of the Prize in Economics has totaled 8 million Swedish kronor . This is equivalent to the amount given for the original Nobel Prizes . Since 2006, Sveriges Riksbank has given the Nobel Foundation an annual grant of 6.5 million Swedish kronor (in January 2008, approx . US $1 million; 0.7 million Euro) for its administrative expenses associated with the prize as well as 1 million Swedish kronor (until the end of 2008) to include information about the prize in the Nobel Foundation's internet webpage . </P> <P> The Prize in Economics is not one of the original Nobel Prizes created by Alfred Nobel's will . However, the nomination process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes . </P> <P> Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony . The Royal Swedish Academy of Sciences awards the prize "in accordance with the rules governing the award of the Nobel Prizes instituted through his (Alfred Nobel's) will," which stipulate that the prize be awarded annually to "those who...shall have conferred the greatest benefit on mankind ." </P>

Who was chosen for the nobel memorial prize in economic science