09/03/2013 01:51 EDT | Updated 11/03/2013 05:12 EST

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

CHICAGO - British-born 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 after a short illness. Schill says he spoke to Coase's caregiver, who was with him when he died.

The 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.