Abstract
The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.
| Original language | English |
|---|---|
| Pages (from-to) | 82-98 |
| Number of pages | 17 |
| Journal | Voprosy Ekonomiki |
| Volume | 2010 |
| Issue number | 1 |
| DOIs | |
| State | Published - 2010 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2010, Russian Presidental Academy of National Economy and Public Administration. All rights reserved.
Keywords
- Behavioral economics
- Development studies
- E. Ostrom
- Institutional economics
- Institutions
- Nobel Prize in economics
- O. Williamson
- Organization theory
- Tragedy of the commons
- Transaction costs
ASJC Scopus subject areas
- Finance
- Economics and Econometrics