Ostrom, Williamson win Nobel for economics

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Stockholm, Oct 12: Elinor Ostrom and Oliver E Williamson have been declared the winners of the 2009 Nobel Prize for Economics.

Royal Swedish Academy of Sciences awarded Ostrom for her 'analysis of economic governance, especially the commons' and Williamson for his 'analysis of economic governance, especially the boundaries of the firm.'

Indiana University's Ostrom is the first woman to ever win the Nobel price.

The academy which announced its decision on Monday, Oct 12 elaborated on Ostrom's work as saying that she has 'demonstrated how common property can be successfully managed' by associations of users.

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