The pair were honoured for their work in economic governance, the Royal Swedish Academy of Sciences announced on Monday.
Ms Ostrom was recognised from demonstrating how 'common property can be successfully managed by user associations' and Mr Williamson for 'developing a theory where business firms serve as structures for conflict resolution'.
The academy said the pair's work over the last 30 years had 'advanced economic governance research from the fringe to the forefront of scientific attention'.
Ms Ostrom is the first women ever to be awarded the economics prize since its inception in 1968.
The prize is the last of six handed out by the academy over the last week. On Friday US president Barack Obama was awarded the prestigious Nobel peace prize.
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