Haas Professor Emeritus Oliver Williamson, winner of the 2009 Nobel Prize in Economics, was awarded the Congressional Medal of Honor of Peru in the grade of Gran Cruz at the end of last year.
The elaborate chain and medallion is the highest honor the country's legislature can bestow.
Daniel Abugattás, president of the Congress of Peru, presented the award to Williamson during a ceremony in Lima on Nov. 22. The Congress interrupted their vigorous budget discussions to give Williamson a big round of applause.
Williamson was honored in Peru for his distinguished work in the field of ecomomics. He is a pioneer in the multidisciplinary field of transaction cost economics and one of the world's most-cited economists. He received the Nobel Prize in recognition of his work "developing a theory in which business firms serve as structures for conflict resolution."
Williamson also was in Peru to give the keynote speech at the Annual Seminar of the Peru Consortium for Social and Economic Research. Previous Nobel Prize winners who have given the key include Joseph Stiglitz and Finn Kydland.