Open

Coming up

Don't miss

Replay


LATEST SHOWS

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

FOCUS

Many Turks angry over Syrian refugee situation

Read more

ENCORE!

Shakespeare’s 450th Birthday : The Best of the Bard

Read more

BUSINESS DAILY

The Tour de France, a PR machine

Read more

IN THE PAPERS

Coverage of the third plane crash in one week - from France, Algeria and Burkina Faso

Read more

IN THE PAPERS

Coverage of the plane crash that took 116 lives - almost half of them French

Read more

  • Live: ‘No survivors’ from Algerian plane crash, says Hollande

    Read more

  • In pictures: Debris and devastation at Air Algérie Flight AH5017 crash scene

    Read more

  • Paris bans new Gaza protest scheduled for Saturday

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Tour de France fans bring the ambience to the Pyrenees

    Read more

  • Halal tourism on the rise

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Wreckage of Algeria plane found in Mali

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

Business

US duo, including first female economics laureate, takes Nobel

Text by News Wires

Latest update : 2009-10-12

American economists Elinor Ostrom and Oliver Williamson have won the 2009 Nobel prize for economics for their work on economic governance. Ostrom is the first woman to win the economics prize.

AFP - Elinor Ostrom and Oliver Williamson of the United States won the 2009 Nobel Economics Prize on Monday for their work on the organisation of cooperation in economic governance, the Nobel jury said.
   
Ostrom is the first woman to win the Economics Prize, which has been awarded since 1969.
   
"The research of Elinor Ostrom and Oliver Williamson demonstrates that economic analysis can shed light on most forms of social organisation," the jury said.
   
Ostrom won half the 10-million-kronor (1.42-million-dollar, 980,000-euro) prize "for her analysis of economic governance" especially relating to the management of common property or property under common control.
   
Her work challenging the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatised, it added.

   
A professor at Indiana University whose name has circulated as a possible winner in recent years, Ostrom told Swedish television her first reaction was "great surprise and appreciation," and said she was "in shock" over being the first woman to clinch the honour.
   
She conducted numerous studies of user-managed fish stocks, pastures, woods, lakes and groundwater basins, and concluded that the outcomes are "more often than not, better than predicted by standard theories," the jury said.
   
Williamson was honoured with the other half "for his analysis of economic governance, especially the boundaries of the firm."
   
He has argued that hierarchical organisations such as firms represent alternative governance structures, which differ in their approaches to resolving conflicts of interest.
   
"A key prediction of Williamson's theory, which has also been supported empirically, is ... that the propensity of economic agents to conduct their transactions inside the boundaries of a firm increases along with the relationship-specific features of their assets," it said.
   
The Economics Prize is the only one of the six Nobel prizes not created in Swedish industrialist Alfred Nobel's 1896 will -- it was created much later to celebrate the 1968 tricentary of the Swedish central bank and was first awarded in 1969.
   
Last year, the honour went to US economist Paul Krugman, a prolific New York Times columnist and fierce critic of Washington's economic policies, for his "analysis of trade patterns."
   
The Economics Prize wraps up the 2009 Nobel season.
   
Americans dominated the awards this year.
   
For the five Nobel prizes announced last week -- for medicine, physics, chemistry, literature and peace -- nine of the 11 laureates were US citizens, including US President Barack Obama who sensationally won the prestigious Peace Prize for his "extraordinary efforts to strengthen international diplomacy and cooperation between peoples."
   
The Literature Prize went to German writer Herta Mueller for her work inspired by her life under Nicolae Ceausescu's dictatorship in Romania.
   
This year was also a record year for women laureates, with four honoured: Herta Mueller for literature; Australian-American Elizabeth Blackburn and Carol Greider of the United States were awarded the Nobel Medicine Prize; and Ada Yonath of Israel was one of three scientists recognised for her work in chemistry.
   
The Nobel prizes, founded by Swedish industrialist Alfred Nobel, were first awarded in 1901.
   
Nobel, the inventor of dynamite, died childless in 1896, dedicating his vast fortune to create "prizes to those who, during the preceding year, shall have conferred the greatest benefit on mankind."
   
Laureates receive a gold medal, a diploma and the prize sum at formal prize ceremonies held in Stockholm and Oslo on the anniversary of Nobel's death, December 10.

Date created : 2009-10-12

  • NOBEL PRIZE

    Obama accepts Nobel Peace Prize as 'a call to action'

    Read more

COMMENT(S)