Nobel Prize for Economics Awarded to Woman For First Time Ever

American economist Elinor Ostrom wins Nobel Prize for Economics. File photo

Elinor Ostrom, an American economist, is the first woman to receive the Nobel Prize for Economics since the award's inception in 1968. She becomes the fifth woman to win a Nobel award this year – a new record.

Ostrom shares the prize with fellow-American Oliver Williamson. The Royal Swedish Academy of Sciences cited Ostrom "for her analysis of economic governance, especially the commons" saying her work had demonstrated how common property can be successfully managed by groups using it.

Her colleague Williamson was recognized “for his analysis of economic governance, especially the boundaries of the firm”. The academy said that he had developed a theory where business firms serve as structures for conflict resolution.

"Over the last three decades, these seminal contributions have advanced economic governance research from the fringe to the forefront of scientific attention," the academy said.

Nobel Prize winners receive USD 1,4 M, a gold medal and diploma from the Swedish king on December 10, the anniversary of Nobel's death in 1896.

The award of the Economics Prize is the last of the six categories to be announced. A few days ago, US President Obama was the recipient of the Peace Prize, a nomination that proved somewhat controversial. The Literature Prize was won by Romanian-born German writer Herta Mueller.

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