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separate work in economic management.In 2009,US President Barack Obama was awarded the Nobel Peace Prize though this a- roused "great surprise".The economics prize was not among the original Nobel awards,but was created in 1968 by the Swedish central bank in Alfred Nobel's memory.The Royal Swedish A- cademy of Sciences quoted Professor Ostrom,who teaches at In- diana University,"for her analysis of economic management," saying her work had explained how common property could be successfully managed by groups using it.She told Swedish tele- vision that she was "in shock"at being the first woman to win the award,adding winning had been a "great surprise".Mean- while,Professor Williamson,the academy said,developed a the ory where business firms served as structures for conflict resolu- tion.The pair will share the 10 million Swedish kronor ($1. 44m)prize.