@engineer,
engineer wrote:Would such potential for public humiliation encourage politicians not to accept an award while still in office?
No, it would just encourage them to spend the prize money as quickly as possible.
engineer wrote:One of the digs against the prize is its history of awarding it to people who subsequently failed (sometimes dramatically) to promote peace. Is this a solution?
The Nobel Prizes have been as much aspirational as commemorative. They not only recognize achievements, but encourage further accomplishments in the same vein. Giving the peace prize to Henry Kissinger, for instance, may not have been the greatest moment in Peace Prize history, but it was done as much to promote future peace initiatives as it was to reward Kissinger (and Le Duc Tho) for their work in ending the Vietnam War. Taking the Nobel back, then, may assuage some bruised consciences, but it may have the unintended effect of diminishing the aspirational quality of prizes. After all, if your prize can eventually be taken away from you, is there the same motivation to get one in the first place?