The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009
Elinor Ostrom, Oliver E. Williamson
Oliver E. Williamson
Born: 27 September 1932, Superior, WI, USA
Affiliation at the time of the award: University of California, Berkeley, CA, USA
Prize motivation: "for his analysis of economic governance, especially the boundaries of the firm"
Field: economic governance
Contribution: Provided a theory of why some economic transactions take place within firms and other similar transactions take place between firms, that is, in the marketplace. The theory informs us about how to handle one of the most basic choices in human organization. When should decision power be controlled inside an organization, and when should decisions be left to the market.