Nobel Prize winners' address at Stirling University

Two Nobel Prize winners are taking part in a global economics conference being held in the UK for the first time.

The International Society for New Institutional Economics (ISNIE) conference is currently taking place at the University of Stirling.

About 200 economists are at the event, which was opened by First Minister Alex Salmond.

The conference, now in its 14th year, is usually held in either Europe or North America.

Two winners of the 2009 Nobel Prize in Economics - Professor Elinor Ostrom from Indiana University and Professor Oliver E Williamson from the University of California, Berkeley - will address delegates.

Mr Salmond said: "It is a privilege to meet joint Nobel Laureates Professor Elinor Ostrom and Professor Oliver Williamson.

"Their work has been instrumental in enhancing our understanding of non-market institutions and economic governance, especially the commons and the boundaries of the firm."

The first minister said it was "wonderful" the ISNIE had chosen Scotland as the location for such a "prestigious event".‪

He added: "Our proud economic past and present means that we are ideally placed to host this world class event and attract an audience of distinguished international economists."