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The Prize in Economic Sciences 2009The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic
Sciences in Memory of Alfred Nobel for 2009 to
Indiana University, Bloomington, IN, USA,
University of California, Berkeley, CA, USA,
“for her analysis of economic governance,
“for his analysis of economic governance,
especially the boundaries of the firm”
Economic governance: the organization of cooperation Elinor Ostrom
has demonstrated how common property
Oliver Williamson has argued that markets and
can be successfully managed by user associations.
hierarchical organizations, such as firms, represent
has developed a theory where busi-
alternative governance structures which differ in their
ness firms serve as structures for conflict resolution.
approaches to resolving conflicts of interest. The draw-
Over the last three decades these seminal contributions
back of markets is that they often entail haggling and
have advanced economic governance research from the
disagreement. The drawback of firms is that authority,
fringe to the forefront of scientific attention.
which mitigates contention, can be abused. Competi-
tive markets work relatively well because buyers and
Economic transactions take place not only in
sellers can turn to other trading partners in case of
markets, but also within firms, associations, house-
dissent. But when market competition is limited, firms
holds, and agencies. Whereas economic theory has
are better suited for conflict resolution than markets.
comprehensively illuminated the virtues and limita-
A key prediction of Williamson’s theory, which has
tions of markets, it has traditionally paid less attention
also been supported empirically, is therefore that the
to other institutional arrangements. The research of
propensity of economic agents to conduct their transac-
Elinor Ostrom and Oliver Williamson demonstrates
tions inside the boundaries of a firm increases along
that economic analysis can shed light on most forms
with the relationship-specific features of their assets.
of social organization. Elinor Ostrom has challenged the conventional
Elinor Ostrom, US citizen. Born in 1933 in Los Angeles, CA, USA. Ph.D.
wisdom that common property is poorly managed and
in Political Science in 1965 from the University of California, Los Angeles, USA. Arthur F. Bentley Professor of Political Science and Professor at the
should be either regulated by central authorities or
School of Public and Environmental Affairs, both at Indiana University,
privatized. Based on numerous studies of user-man-
Bloomington, USA. Founding Director of the Center for the Study of Institu-
aged fish stocks, pastures, woods, lakes, and ground-
tional Diversity, Arizona State University, Tempe, USA.
water basins, Ostrom concludes that the outcomes are,
more often than not, better than predicted by standard theories. She observes that resource users frequently
Oliver E. Williamson, US citizen. Born in 1932 in Superior, WI, USA. Ph.D. in Economics in 1963 from Carnegie Mellon University, Pittsburgh,
develop sophisticated mechanisms for decision-making
PA, USA. Edgar F. Kaiser Professor Emeritus of Business, Economics
and rule enforcement to handle conflicts of interest,
and Law and Professor of the Graduate School, both at the University of
and she characterizes the rules that promote success-
The Prize amount: SEK 10 million, to be shared equally between the Laureates.
More information: http://kva.se and http://nobelprize.orgContacts: Erik Huss, Press Officer and Editor, phone +46 8 673 95 44, +46 70 673 96 50, firstname.lastname@example.org
The Royal Swedish Academy of Sciences, founded in 1739, is an independent organization whose overall objective is to promote the sciences and strengthen their influence in society. The Academy takes special responsibility for the natural sciences and mathematics, but endeavours to promote the exchange of ideas between various disciplines.
CHAPTER 6: Panic, Anxiety, Obsessions, and Their Disorders Chapter Overview/Summary Although anxiety disorders were initially considered neuroses, this term has been largely abandoned ever since DSM-III (1980). The anxiety disorders have panic or anxiety or both at their core. Today anxiety impacts 25–29 percent of Americans. Anxiety is defined as an anticipation for possible fu
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