Nobel economics prize won by Oliver Hart and Bengt Holmström

Nobel economics prize won by Oliver Hart and Bengt Holmström

The Guardian: Economics

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.

“I woke at about 4:40 and was wondering whether it was getting too late for it to be this year, but then fortunately the phone rang” O. Hart

“My first action was to hug my wife, wake up my younger son ... and I actually spoke to my fellow Laureate” Oliver Hart #NobelPrize

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