"Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized. 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. She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest, and she characterizes the rules that promote successful outcomes."
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Nobel laureates from the United StatesPeople from Los AngelesEconomists from the United StatesNobel laureates in EconomicsUniversity of California, Los Angeles alumni
Original Language: English
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009: Press Release 12 October 2009 on nobelprize.org
https://en.wikiquote.org/wiki/Elinor_Ostrom
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Elinor Ostrom
Elinor "Lin" Ostrom (August 7, 1933 – June 12, 2012) was an American political economist, whose work was associated with the new institutional economics and the resurgence of political economy. In 2009, she shared the Nobel Memorial Prize in Economic Sciences with Oliver E. Williamson.
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