![]() The Nobel Foundation is the legal owner and functional administrator of the funds and serves as the joint administrative body of the prize-awarding institutions, but it is not concerned with the prize deliberations or decisions, which rest exclusively with the four institutions. The Norwegian Nobel Committee based in Oslo confers the prize for peace. From Stockholm, the Royal Swedish Academy of Sciences confers the prizes for physics, chemistry, and economics, the Karolinska Institute confers the prize for physiology or medicine, and the Swedish Academy confers the prize for literature. In his will, he had stipulated that four different institutions-three Swedish and one Norwegian-should award the prizes.
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