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Woman receives Economics Nobel Prize for first time

ELINOR OSTROM yesterday became the first woman to win a Nobel Prize in economics for her work on the use of common resources. <br /><br />A professor at Indiana University in the US, her work showed that user-managed properties such as woodlands or communal water sources were usually better managed than standard economic theories predicted.<br /><br />The received wisdom is that common property is poorly managed &ndash; the so-called tragedy of the commons &ndash; and such resources should be centrally regulated or privatised.<br /><br />Ostrom, who is a political scientist, shares the 10m Swedish krona (&pound;100,000) prize with the other half going to Berkeley economist Oliver Williamson for his analysis which shed light on conflict resolution by firms and markets.<br /><br />Professor Tore Ellingsen of the Royal Swedish Academy of Sciences, which awarded the Nobel Prize in economics, said: &ldquo;I hope that it will be inspiring for women researchers that you don't have to be a male in order to win the economics prize.&rdquo; &nbsp;&nbsp;&nbsp;