Elinor Ostrom became the first woman to win the Nobel Economics Prize on Monday for research seen as highly topical in the wake of the economic crisis and amid efforts to tackle climate change.
Ostrom describes herself as a political scientist instead of an economist and is a professor at Indiana University, where she researches the management of common property or property under common control, such as natural resources.
Her work challenged the notion that common property is poorly managed and should be either regulated by central authorities or privatised, the jury said.
"If we want to halt the degradation of our natural environment and prevent a repetition of the many collapses of natural-resource stocks experienced in the past, we should learn from the successes and failures of common-property regimes," it said.
She conducted numerous studies of user-managed fish stocks, pastures, woods, lakes and groundwater basins, and concluded that the outcomes are "more often than not, better than predicted by standard theories", it added.
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