Hart, Holmstrom share economics Nobel for contract theory
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October 9, 2016
STOCKHOLM (AP, Oct. 10, 2016) — Two U.S.-based professors won the Nobel prize in economics on Monday for studying how to best design contracts, work that sheds light on when it makes sense to give a CEO a bonus or privatize public services like schools, hospitals and prisons.
British-born Oliver Hart of Harvard University and Finnish economist Bengt Holmstrom of the Massachusetts Institute of Technology Finland will share the 8 million kronor ($930,000) award for their contributions to contract theory.
That's a field of research that deals with incentives and risks involved in contracts drawn...
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