The Nobel prize for economics has been awarded to two American academics who have pioneered research into how individuals co-operate and share common resources, and work together within companies.
The Royal Swedish Academy of Sciences announced this lunchtime that Elinor Ostrom, professor of political science at Indiana University, and Oliver Williamson, professor emeritus at the Haas School of Business, will share the 2009 prize.
It said their various work into economic governance beyond the financial markets has played a major role in challenging established thinking.
Ostrom, who is the first female winner of the economics prize, was recognised for her work on how "common property can be successfully managed by user associations".
Ostrom's research has examined how politics, economics and the legal system affect how natural resources are used - and has shown that community-driven projects can be more efficent than privatisation or socialism.
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