News of the WeekECONOMICS NOBEL

Laureates Analyzed Economics Outside Markets

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Science  16 Oct 2009:
Vol. 326, Issue 5951, pp. 347
DOI: 10.1126/science.326_347

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Summary

Last year, financial markets took the worst drubbing since the Great Depression, so perhaps not surprisingly this year's "Nobel Prize" in economics honors two researchers who studied economic behavior in other settings. Half of the 2009 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel goes to Elinor Ostrom, a political scientist at the University of Indiana, Bloomington, for her insights into the use of shared resources. The other half of the $1.4 million prize honors Oliver Williamson, an economist at the University of California, Berkeley, for his analysis of how a company decides what to do or make for itself and what to buy from others.