Two U.S. economists win Nobel Prize for economics

08:05, October 13, 2009      

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The photo taken on Oct. 12, 2009 shows the images of the 2009 Nobel Economics Prize winners Oliver Williamson (R) and Elinor Ostrom displayed by the Royal Swedish Academy of Sciences in Stockholm, Sweden. U.S. economists Oliver Williamson and Elinor Ostrom won the 2009 Nobel prize for economics for their work in economic governance. (Xinhua/Wu Ping)

Elinor Ostrom and Oliver E. Williamson, both from the United States, won the 2009 Nobel Prize for economics for their analysis of economic governance, the Royal Swedish Academy of Sciences announced Monday.

An undated handout image from the U.S. National Academy of Sciences shows Elinor Ostrom. Ostrom and Oliver Williamson of the United States have won the 2009 Nobel Economics Prize for their work on the organisation of cooperation in economic governance.(Xinhua/AFP Photo)

Ostrom was awarded "for her analysis of economic governance, especially the commons," and Williamson won the prize "for his analysis of economic governance, especially the boundaries of the firm," the academy said in a statement.

"Elinor Ostrom has demonstrated how common property can be successfully managed by user associations. Oliver Williamson has developed a theory where business firms serve as structures for conflict resolution," the statement added.

An undated handout picture from the University of California Berkeley shows Oliver Williamson. Williamson and Elinor Ostrom of the United States have won the 2009 Nobel Economics Prize for their work on the organisation of cooperation in economic governance. (Xinhua/AFP Photo)

The two laureates were to equally share the prize worth 10 million kronor (1.4 million U.S. dollars).

The economics award, established in 1968 and officially called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last of the six prizes announced this year. It is not part of the original crop of Nobel Prizes set out in Alfred Nobel's 1895 will.

The prize last year was awarded to Paul Krugman of the United States.

Source: Xinhua
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