Carl Folke works at the Beijer International Institute of Ecological Economics.
Kenneth Joseph Arrow was born in New York City on August 23, 1921. He received a bachelor's degree in social science and in mathematics from City College. He did his graduate work at Columbia University. He served in the Army Air Corps during World War II. He taught at Harvard University from 1968 to 1979 and at Stanford University until retiring in 1991. He was an economist who was known for his contributions to mathematical economics. He wrote numerous books including Social Choice and Individual Values and Social Choice and Multicriterion Decision-Making written with Herve Raynaud. Arrow and John R. Hicks received the 1972 Nobel Memorial Prize in Economic Science for their work in welfare economics and the theory of social choice. In 2004, Arrow received the National Medal of Science, the nation's highest scientific honor. He died on February 21, 2017 at the age of 95.
As a political economist, Elinor Ostrom studied how institutions--conceptualized as sets of rules--affect the incentives of individuals interacting in repetitive and structured situations. Ostrom and her colleagues at the Workshop in Political Theory and Policy Analysis at Indiana University developed the Institutional Analysis and Development framework, which enables them to analyze diversely structured markets, hierarchies, common-property regimes and local public economies using a common set of universal components. Large-scale studies of urban public economies demonstrated that systems composed of a few large-scale producers of services, such as forensic laboratories and training academies, combined with a large number of autonomous direct service producers (such as crime and traffic patrol) perform more effectively at a metropolitan level than a few consolidated producers. More recent empirical studies in the field and in the experimental laboratory have challenged the presumption that individuals jointly using a common-pool resource would inexorably be led to overuse, if not destroy, the resource. The design principles characterizing robust self-governed resource systems have been identified. An initial theory of institutional change has been formulated and is being tested. In 2009, Elinor Ostrom became the first woman to receive the prestigious Nobel Memorial Prize in Economic Sciences. Dr. Ostrom passed away on June 12, 2012.
Carl Folke works at the Beijer International Institute of Ecological Economics. Kenneth Joseph Arrow was born in New York City on August 23, 1921. He received a bachelor's degree in social science and in mathematics from City College. He did his graduate work at Columbia University. He served in ...