The Institute for the Study of Labor awards a prize each year (from 2016 on every two years in turn with the IZA Young Labor Economist Award) for outstanding academic achievement in the field of labor economics.[1] The IZA Prize in Labor Economics has become a highly prestigious science award in international economics, is the only international science prize awarded exclusively to labor economists and is considered the most important award in labor economics worldwide.[2] The prize was established in 2002 and is awarded annually through a nomination process and decided upon by the IZA Prize Committee, which consists of internationally renowned labor economists. As a part of the prize, all IZA Prize Laureates contribute a volume as an overview of their most significant findings to the IZA Prize in Labor Economics Series published by Oxford University Press.[2]