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."Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatised. 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," explained the academy.Ostrom said it was "an immense surprise" to learn of her success today. "To be chosen for this prize is a great honour, and I'm still a little bit in shock," she said.
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.
"Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatised. 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," explained the academy.
Ostrom said it was "an immense surprise" to learn of her success today. "To be chosen for this prize is a great honour, and I'm still a little bit in shock," she said.
