Contract theory research earns Finnish, British-American economists Nobel Memorial Prize

The Japan Times

Two U.S.-based academics won the Nobel Memorial Prize in Economic Sciences on Monday for groundbreaking research on contract theory that has helped design insurance policies, executive pay and even prison management. Oliver Hart, a British-American economist, and Bengt Holmstrom of Finland “have developed contract theory, a comprehensive framework for analyzing many diverse issues in contractual […]

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