The Holberg Prize comes with a monetary award of 6 million Norwegian kroner (NOK) (approximately $750 000 or €660 000), which are intended to be used to further the research of the recipient.

Ludvig Holberg, who excelled in all the disciplines covered by the award, played an important part in bringing the Enlightenment to the Nordic countries and is also well known as a playwright and author.

The objective of the prize was to increase awareness of the value of academic scholarship in the arts, humanities, social sciences, law and theology.

The Holberg Prize is awarded annually to scholars who have made "outstanding contributions to research in the arts and humanities, social sciences, law or theology.

The Committee then gather assessments on the short-list candidates from internationally recognized scholars before giving their final recommendation to the Board.

The aim is both to see important voices debate pressing issues of our time and to highlight the relevance of the academic fields covered by the Holberg Prize: the humanities, social sciences, law and theology.

Former participants in the Holberg Debate are Slavoj Žižek, Timothy Garton Ash, Jostein Gripsrud, Jonathan Heawood, John Pilger and Julian Assange.