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Nobel Prize

October 12, 2009

Two Americans - Elinor Ostrom and Oliver Williamson - have won the Nobel Economics Prize for their research in economic governance. Ostrom is the first woman to attain the distinction since the prize was founded in 1968.

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Nobel Prize medal
Ostrom and Williamson's work looks at economic governanceImage: AP

The Swedish Academy jury said the research of Ostrom and Williamson had made significant advancements that have brought the study of economic governance brought it of scientific attention."

Ostrom, who teaches at the University of Indiana, was recognized for her analysis of economic governance, in particular the management of property in common ownership.

Williamson, of the University of California, Berkeley, was cited for "his analysis of economic governance, especially the boundaries of the firm," and was honored for a theory of corporate conflict resolution.

The two laureates will share the 10 million kronor (1.4 million dollars) prize.

Like the prizes for medicine, physics, chemistry and literature, the economics prizes will be formally handed over at a ceremony in Stockholm on December 10, the anniversary of Alred Nobel's death in San Remo, Italy, in 1896.

glb/Reuters/dpa
Editor: Andreas Illmer

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