Bristol Research cited by Nobel Committee
1 December 2009
In awarding the 2009 Nobel Prize in Economics, the Nobel Committee cited work by University of Bristol economist Maija Halonen Akatwijuka. The prize this year was awarded jointly to Elinor Ostrom and Oliver Williamson for their work on economic governance. Williamson has argued that markets and firms should be seen as alternative governance structures, which differ in how they resolve conflicts of interest. In its scientific background paper, the Nobel Committee cited a number of important subsequent contributions that developed this theme.
Amongst in the research inspired by Williamson, the Committee cited Maija’s 2002 Economic Journal paper. In her paper (‘Reputation and the Allocation of Ownership’) Maija showed that the kind of ownership structures we observe can be explained by reputation concerns in the context of a repeated game.
Williamson’s work has also inspired a wealth of research that seeks to articulate how conflicts are resolved within firms.
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