Oldest Nobel Prize winner Ronald Coase, influential British-born economist, dies at age 102

Nobel Prize winner Ronald Coase (KOHS), 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.