Nobel prize for pioneers of economics governance

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Elinor Ostrom and Oliver Williamson, two American academics, won the award for their studies of economic transactions outside of the market place.

The award, which is formally the Sveriges Riksbank award in memory of Alfred Nobel, includes a cash prize of SEK10 million ($1.43 million).

Elinor Ostrom, a professor at Indiana University and the first female recipient of the prize, was recognised for work that "demonstrated how common property can be successfully managed by user associations."

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