Beyond Markets and States: Polycentric Governance of Complex Economic Systems

  title={Beyond Markets and States: Polycentric Governance of Complex Economic Systems},
  author={E. Ostrom},
  journal={Urban Economics \& Regional Studies eJournal},
  • E. Ostrom
  • Published 1 June 2010
  • Economics
  • Urban Economics & Regional Studies eJournal
Elinor Ostrom delivered her Prize Lecture on 8 December 2009 at Aula Magna, Stockholm University. She was introduced by Professor Bertil Holmlund, Chairman of the Economic Sciences Prize Committee. 
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The readings in this volume illustrate several varieties of institutional analysis. Each reading builds upon the foundation of game theory to address similar sets of questions concerning institutions
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neglected on the research agenda, in large measure because neoclassical price theory is poorly suited to address it1. Thus orthodoxy holds that the allocation of economic activity as between firms
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