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Nobel Prize in Economics awarded to UC Berkeley’s Oliver Williamson
Oliver E. Williamson, the Edgar F. Kaiser Professor Emeritus of Business, Economics, and Law at UC Berkeley, a pioneer in the multi-disciplinary field of transaction cost economics, and one of the world’s most cited economists, is a winner of the 2009 Nobel Prize in Economic Sciences.
This is the fifth economics Nobel for UC Berkeley — three were awarded in the past nine years — and its 21st Nobel Prize overall in fields including economics, physics, chemistry, and literature.
Williamson shares the prize with Elinor Ostrom, Arthur F. Bentley professor of political science and professor of public and environmental affairs at Indiana University. Both were recognized for their analyses of economic governance.
Announcing the award from Sweden today (Monday, Oct. 12), the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences cited Williamson, 77, "for developing a theory in which business firms serve as structures for conflict resolution."
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