David Card, winner of the 2021 Nobel Prize in economics, walks through the University of California, Berkeley campus in Berkeley, California, on October 11, 2021. (AP Photo/Noah Berger)

When the phone rang at 2 a.m. on October 11, David Card thought it was a prank. But it wasn’t. The long-distance caller from Sweden told the economics professor he’d just won a Nobel Prize.

What is the Nobel Prize?

The Nobel Prize is one of the highest honours in the world. The winners are announced every October. The award recognizes great work in chemistry, medicine, physics, economics, literature, and peace. Winners get a gold medal and 10 million Swedish kronor ($1.44 million).