Nobel Prize in Economics awarded to Oliver Hart and Bengt Holmstrom

STOCKHOLM: UK-born Oliver Hart and Finland-born Bengt Holmstrom won the 2016 Nobel Economics Prize for “their contributions to contract theory”, the Royal Swedish Academy of Sciences said on Monday.
“(Their work) lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions,” the award-giving body said on announcing the 8 million Swedish crown ($928,000) prize.
This is the fifth of this year’s Nobels. The prizes for physiology or medicine, physics, chemistry and peace were awarded last week. The literature prize is due on Thursday. ($1 = 8.6231 Swedish crowns)

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