Ronald Coase, a pioneer in applying economic theory to the law, died at age 102 on August 2, 2013, (AP)
CHICAGO (AP) - Nobel Prize winner Ronald Coase, a pioneer in applying economic theory to the law, has died at age 102.
The former University of Chicago professor was the oldest living Nobel laureate before his death Monday at a Chicago hospital.
University of Chicago Law School Dean Michael Schill says Coase died Monday after a short illness. Schill says he spoke to Coase's caregiver who was with him when he died.
The British-born economist won the Nobel in economics in 1991. Schill says his work generated a new way of thinking about government regulation.
His most recent book - published just last year - looked at China's market transformation.
University of Chicago Law School's Coase-Sandor Institute for Law and Economics is named for Coase and donors Richard and Ellen Sandor.