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Ostrom, Williamson win Nobel prize for economics
Stockholm, Oct 12 (Agencies):
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Published on 12 Oct. 2009 11:56 PM IST
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The 2009 Nobel prize for economics has been won by Elinor Ostrom, from Indiana, and Oliver Williamson, from California. Prof Ostrom, 76, the Arthur F. Bentley Professor of Political Science at Indiana University, is the first woman to win the prize since it was founded in 1968. She was the fifth woman to win a Nobel award this year – a record for the prize. The Nobel jury at the Royal Swedish Academy of Sciences in Stockholm cited Prof Ostrom "for her analysis of economic governance" saying her work had demonstrated how common property can be successfully managed by groups using it. The academy said Prof Williamson, 77, the Edgar F. Kaiser Professor Emeritus at the Haas School of Business in Berkeley, California, developed a theory where business firms serve as structures for conflict resolution. "Over the last three decades, these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention," the academy said. The economics prize was the last Nobel award to be announced this year. The winners receive 10 million Swedish kronor (£900,000), a gold medal and diploma from the Swedish king on Dec 10, the anniversary of the death in 1896 of Alfred Nobel, the tycoon who founded the prize. The highlight of this year's awards was last Friday, when President Barack Obama was the surprise winner of the Nobel peace prize.

 
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