Oliver E. Williamson

AAA

DEFINITION of 'Oliver E. Williamson'

An American economist, the recipient of the 2009 Nobel Prize in Economics, along with Elinor Ostrom, "for his analysis of economic governance, especially the boundaries of the firm," and professor emeritus of business, economics and law at the University of California, Berkeley. Williamson has been a groundbreaking researcher in organizational economics and transaction-cost economics.

INVESTOPEDIA EXPLAINS 'Oliver E. Williamson'

Born in Wisconsin in 1932, Williamson has also taught at the University of Pennsylvania and Yale. He holds an MBA from Stanford and a Ph.D. in economics from Carnegie Mellon. He has received numerous awards, honors and fellowships. Williamson also invented the term "information impactedness."

RELATED TERMS
  1. Economist

    An expert who studies the relationship between a society's resources ...
  2. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
  3. Economics

    A social science that studies how individuals, governments, firms ...
  4. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  5. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  6. Fintech

    Fintech is a portmanteau of financial technology that describes ...
RELATED FAQS
  1. How can individuals or businesses handle transaction costs for economic externalities?

    Externalities, also known as external economies, and transaction costs are two significant and evolving issues in contemporary ... Read Full Answer >>
  2. How can a change in fiscal policy have a multiplier effect on the economy?

    A change in fiscal policy has a multiplier effect on the economy because fiscal policy affects spending, consumption and ... Read Full Answer >>
  3. How do you calculate the marginal propensity to consume?

    The standard formula for calculating the marginal propensity to consume, or MPC, is marginal consumption divided by marginal ... Read Full Answer >>
  4. How is the 80-20 rule (Pareto Principle) used in management?

    The 80-20 rule, also known as the Pareto principle, is meant to express a philosophy about identifying inputs. It is not ... Read Full Answer >>
  5. What is the theory of asymmetric information in economics?

    The theory of asymmetric information was developed in the 1970s and 1980s as a plausible explanation for common phenomena ... Read Full Answer >>
  6. How is a market failure prevented with regard to public goods?

    It was once commonly accepted that any public good constituted a market failure and provided necessary and sufficient conditions ... Read Full Answer >>
Related Articles
  1. Economics

    Understanding Supply-Side Economics

    Does the amount of goods and services produced set the pace for economic growth? Here are the arguments.
  2. Options & Futures

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  3. Economics

    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  4. Options & Futures

    Explaining The World Through Macroeconomic Analysis

    From unemployment and inflation to government policy, learn what macroeconomics measures and how it affects everyone.
  5. Entrepreneurship

    Adam Smith And "The Wealth Of Nations"

    Adam Smith's 1776 classic may have had the largest global impact on economic thought.
  6. Investing Basics

    Muriel Siebert: Female Finance Pioneer

    Muriel Siebert has blazed many paths for investors, but is especially relevant as the first woman to sit on the NYSE.
  7. Investing Basics

    The Intelligent Investor: Benjamin Graham

    Learn about the man who mentored Warren Buffett, who eventually became the investing "Oracle of Omaha".
  8. Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  9. Professionals

    Hetty Green: The Witch Of Wall Street

    Hetty Green was the richest woman of her time and possibly the first value investor, yet she's not remembered kindly.
  10. Active Trading

    Water Cooler Finance: The iPhone Launch, Buffett's Lunch And BP's Lashing

    This week in financial news saw more uncertainty in the markets on bad news from retail, GM and BP.

You May Also Like

Hot Definitions
  1. Fracking

    A slang term for hydraulic fracturing. Fracking refers to the procedure of creating fractures in rocks and rock formations ...
  2. Mixed Economic System

    An economic system that features characteristics of both capitalism and socialism.
  3. Net Worth

    The amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure ...
  4. Stop-Loss Order

    An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit ...
  5. Covered Call

    An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset ...
  6. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
Trading Center