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The
PEN/Faulkner Award for Fiction, administered by the Folger Shakespeare
Library, was established in 1980 by writers to honor their peers.
The award is named for William
Faulkner, who used his Nobel Prize funds to create an award
for young writers, and PEN (Poets, Playwrights, Editors, Essayists
and Novelists), the international writers' organization.
The
award judges, who are themselves writers of fiction, each read more
than 250 novels and short story collections published during the
calendar year before selecting five outstanding books. The author
of the book designated the winner receives $15,000; each of the
other nominees receives $5,000.
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