The Nobel prizes are presented to the laureates on Dec. 10, the anniversary of Nobel's death. The peace prize is handed out by the chairman of the Norwegian Nobel committee in Oslo, while the other prizes are presented by the Swedish king in Stockholm's Concert Hall.

Recipients of the Nobel Prize in chemistry, literature, peace, and economic sciences will be announced over the coming week. Winners are given a medal, a personal diploma, and a cash award of about $1.1 million. Established by Alfred Nobel in 1901, past laureates have included Albert Einstein, Marie Curie, and the Rev. Martin Luther King Jr.

Some Nobel Prize winners use the award proceeds to fund research or support others in their field, while others put the money towards houses, boats and even croquet lawns.