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The Royal Swedish Academy of Sciences announced today, October 12, that Elinor Ostrom, professor at Indiana University, will receive this year's Nobel Prize in Economic Science. She will share the honor and the $1.4 million award with fellow U.S. economist Oliver Williamson, of University of California, Berkeley. Dr. Ostrom is the first woman to receive this award.
Dr. Ostrom is the Arthur F. Bentley Professor of Political Science in the College of Arts and Sciences and a professor in the School of Public and Environmental Affairs at Indiana University Bloomington. She is co-founder and senior research director of the Workshop in Political Theory and Policy Analysis at IU as well as founding director of the Center for the Study of Institutional Diversity at Arizona State University. She researches the management of property under common control, such as natural resources.
"Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized," the Academy said in announcing the prize. "Based on numerous studies of user-managed fish stocks, pastures, woods, lakes and groundwater basins, Ostrom concludes that the outcomes are, more often than not, better than predicted by standard theories. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes."
Indiana University reports that the professor was "flabbergasted" to get the news this morning. "It was a fantastic surprise and a thrilling one," she said. "I'm very appreciative."
IU also reports that she has been on their faculty since 1965. She co-founded the Workshop in Political Theory and Policy Analysis with her husband, Vincent Ostrom, in 1973; served as president of the Public Choice Society from 1982-84 and president of the American Political Science Association in 1996-97; and was the first woman to chair the Department of Political Science in 1980-84. She received her B.A. at the University of California, Los Angeles, in 1954; her M.A. at UCLA in 1962; and her Ph.D. at UCLA in 1965.
(Photo credit, Indiana University report on Dr. Ostrom's achievement: http://newsinfo.iu.edu/news/page/normal/12185.html)