Nobel Prize for Economics Winners
Professor Elinor Ostrom of the Indiana University won the Nobel Prize for Economics alongside Professor Oliver Williamson of the University of California, Berkeley in. They both worked on economic governance, albeit separately. Professor Ostrom is the first ever woman to win the economic Nobel Prize.
According to the Royal Swedish Academy of Sciences, Professor Ostrom's work on economic governance had demonstrated how common property could be successfully managed by groups using it. Professor Williamson, on the other hand, developed a theory where business firms served as structures for conflict resolution.
The two academics will share 10-million Swedish kronor (£910,000; $1.44m) prize.
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