Nobel economics prize won by Oliver Hart and Bengt Holmström

Nobel economics prize won by Oliver Hart and Bengt Holmström

The Guardian: World News

Pair’s work is described as key to understanding contracts and institutions that hold today’s economies together

This year’s Nobel prize in economics has been awarded to UK-born Oliver Hart and Bengt Holmström of Finland for their work on contract theory which has covered a range of issues from public-private partnerships to executive pay.

As it announced the prize, the Royal Swedish Academy of Sciences described the pair’s work as key to the understanding of the real-life contracts and institutions that hold together modern economies.

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