Indiana University Professor Elinor Ostrom (nee Awan) passed away on Tuesday, succumbing to the pancreatic cancer she had been battling since late 2011. She was 78 year old.

Elinor shared the 2009 Nobel Prize in Economic Sciences with University of California economist Oliver Williamson. Their work, among other things, showed that resources can often be managed better by individuals than by governments. It was a popular victory among scholars, and one that was clearly politically motivated to some extent, following the financial crisis of 2008.

In winning the prize, Elinor became the first female recipient of the Nobel Prize in Economics. If that wasn't enough recognition, she was also named one of the 100 most influential people in the world by Time Magazine in their 2012 list, citing her continued effort to bring awareness to the need for proper governance of shared resources.

Elinor continued in her post at IU, where she has been a faculty member since 1965, despite her illness. Along with her husband Vincent Ostrom, she continued to assist colleagues with grants and publications of their work, and continued to teach seminars after her cancer diagnosis.

"Their generosity to Indiana University was extraordinary as well, with gifts, including Lin's Nobel Prize funds, totaling many millions of dollars," IU President Michael McRobbie said in a statement.

Elinor co-founded with her husband IU's Workshop in Political Theory and Policy Analysis, and served as its senior research director. She was also a Distinguished Professor and Arthur F. Bentley Professor of Political Science in the College of Arts and Sciences, and a professor in the School of Public and Environmental Affairs.

"Indiana University has lost an irreplaceable and magnificent treasure with the passing of Elinor Ostrom," said McRobbie. "Throughout her lifetime, Lin has brought distinction to the university through her groundbreaking work, which received the ultimate recognition in 2009 when she was awarded the Nobel Prize in Economic Sciences."

Elinor is survived by her husband Vincent. The couple had no children, devoting their lives to each other, their work, colleagues, and students.