Winners of Nobel prize for Economics announced

PanARMENIAN.Net - The 2009 Nobel season ended on Monday with the announcement of the winner of the prize for Economics.



Elinor Ostrom and Oliver Williamson won the 2009 Nobel prize for economics on Monday for their work in economic governance. The Royal Swedish Academy of Sciences said the award recognized Ostrom for showing how common property can be managed by user associations and Williamson for a theory on corporate conflict resolution.



Ostrom became the first woman to win the economics prize, which was established in 1968.



Ostrom, a political scientist at Indiana University, showed how common resources - forests, fisheries, oilfields, grazing lands and irrigation systems - can be managed successfully by the people who use them, rather than by governments or private companies.



Williamson, an economist at the University of California, Berkeley, focused on how companies and markets differ in resolving conflicts. He found that companies are typically better able than markets to resolve conflicts when competition is limited.