Elinor Ostrom and Oliver E. Williamson, both from the United States, won the 2009 Nobel Prize for economics for their analysis of economic governance, the Royal Swedish Academy of Sciences announced Monday.

Ostrom was awarded "for her analysis of economic governance, especially the commons," and Williamson won the prize "for his analysis of economic governance, especially the boundaries of the firm," the academy said in a statement.

"Elinor Ostrom has demonstrated how common property can be successfully managed by user associations. Oliver Williamson has developed a theory where business firms serve as structures for conflict resolution," the statement added.

The two laureates were to equally share the prize worth 10 million kronor (1.4 million U.S. dollars).

The economics award, established in 1968 and officially called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the last of the six prizes announced this year. It is not part of the original crop of Nobel Prizes set out in Alfred Nobel's 1895 will.

The prize last year was awarded to Paul Krugman of the United States.