Nobel Prize In Economics Is Awarded To Elinor Ostrom And Oliver E. Williamson

The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics (Swedish: Nobelpriset i ekonomi), is an award for outstanding contributions to the science of economics and is generally considered one of the most prestigious awards for that science. The official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne). It is not actually one of the Nobel Prizes established by the will of Alfred Nobel during 1895, but is commonly identified with them. The Prize in Economics, as it is referred to by the Nobel Foundation, was established and endowed by Sveriges Riksbank, Sweden's central bank, during 1968 on the Bank's 300th anniversary, in memory of Alfred Nobel's 1895 will. Like the Nobel Laureates in Chemistry and Physics, Laureates in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded during 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes."

Elinor Ostrom (born August 7, 1933) is an American political scientist. She was awarded the 2009 Nobel Memorial Prize in Economic Sciences, which she shared with Oliver E. Williamson, for "her analysis of economic governance, especially the commons". She is the first woman to win the prize in this category. Ostrom is on the faculty of both Indiana University and Arizona State University. She is the Arthur F. Bentley Professor of Political Science and Co-Director of the Workshop in Political Theory and Policy Analysis at Indiana University in Bloomington and Research Professor and the Founding Director of the Center for the Study of Institutional Diversity at Arizona State University in Tempe.

Oliver Eaton Williamson (born September 27, 1932) is an American author in the area of transaction cost economics, a student of Ronald Coase, Herbert Simon and Richard Cyert. Williamson received his B.S. in management from the MIT Sloan School of Management in 1955, M.B.A. from Stanford University in 1960, and his Ph.D. from Carnegie Mellon University in 1963. From 1965 to 1983 he was a professor at the University of Pennsylvania and from 1983 to 1988, Gordon B. Tweedy Professor of Economics of Law and Organization at Yale University. He has held professorships in business administration, economics, and law at the University of California, Berkeley since 1988 and is currently the Edgar F. Kaiser Professor Emeritus at the Haas School of Business. In 2009 he was awarded the Nobel Memorial Prize in Economics for "his analysis of economic governance, especially the boundaries of the firm", sharing it with Elinor Ostrom.