Two U.S. economists share Nobel Prize for economics

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Americans Elinor Ostrom and Oliver Williamson have won the Nobel prize for economics. The pair were rewarded for their analysis of the way authority is exercised in companies and economic systems.

The decision brings this year's number of Nobel prize-winning US citizens to 11.

A political scientist at Indiana University, Ostrom is the first woman to win a Nobel prize in economics, and the fifth woman to earn a Nobel award this year.

Elinor Ostrom said, "I think we are entering a new, we've already entered a new era and we recognized that women have the capabilities of doing great scientific work and yes I appreciate that this is an honor to be the first woman but I won't be the last."

Williamson, an economist at the University of California, Berkeley was cited for his studies on how organizations are structured and how that affects the cost of doing business.

He described being immediately congratulated by his family when he heard that he'd won the prize, and that his wife was "stunned".

Oliver Williamson said, "I answered the phone to find to my great pleasure that that was indeed the case. Followed by big hugs from my son Oliver, daughter-in-law Anna, and then I had to advise my wife, who was stunned. And then other members of the family and of course lots of telephone calls to inquire about my work and congratulate me."

The Economics prize was not among the original list of Nobel Prizes. It was created by the Swedish central bank in memory of Alfred Nobel.