( CNN ) -- A week of Nobel Prize announcements begins Monday in Sweden with the prize for physiology or medicine . Monday 's ceremony at the Karolinska Institute in Stockholm will be followed by the announcement of the physics prize on Tuesday , the chemistry prize Wednesday and the economics prize October 13 . The prize for literature will be awarded on a date to be announced later . The Nobel Peace Prize will be awarded on Friday . Each prize comes with 8 million Swedish kronor ( $ 1.2 million ) . Two Americans and a German shared the Nobel Prize in medicine last year . James E. Rothman and Randy W. Schekman , and German Thomas C. Sudhof were awarded the prize for discoveries of how the body 's cells decide when and where to deliver the molecules they produce . Swedish industrialist Alfred Nobel created the prizes in 1895 to honor work in physics , chemistry , literature and peace . The first economics prize was awarded in 1969 .
The week begins with the prize for physiology or medicine . Last year , the prize was awarded to two Americans , one German . The Nobel Peace Prize will be awarded on Friday .