First Women To Win Economics Nobel, Belongs To America....
As per the Jury said about her “The research of Elinor Ostrom and Oliver Williamson demonstrates that economic analysis can shed light on most forms of social organization”.
Her work mainly challenged the usual perception that common property is poorly managed.
In an interview on Swedish television she told that her first reaction was “great surprise and pleasure”, and she was totally shocked after being first American women to be honored by the Economic Noble.
Ostrom, being a professor at Indiana University whose name was circulated as a likely winner in recent years “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,” as the jury said.
Another person Williamson was honored for his analysis of economic governance such as the boundaries of the firm. He argued that hierarchical organizations such as firms represent unusual governance structures that may differ in their approaches to resolve conflict of significance.
As a prediction of Williamson's theory “The tendency of economic agents to conduct their transactions inside the boundaries of a firm increases along with the relationship-specific features of their assets”.
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