Nobel Prize in Economics celebrates contract theory

Two scholars at US institutions secure prestigious award              

October 10, 2016

This year’s Nobel Prize in Economics has been awarded for research that looks at how contracts help society to deal with conflicting interests.

Oliver Hart, Andrew E. Furer professor of economics at Harvard University, and Bengt Holmström, Paul A. Samuelson professor of economics at the Massachusetts Institute of Technology, will share the 8 million krona (£745,000) prize.

Professor Hart and Professor Holmström's work to develop new theoretical tools in contract theory has influenced many fields, including corporate governance and constitutional law, said the Swedish Academy.

“The contributions by the laureates have helped us understand many of the contracts we observe in real life. They have also given us new ways of thinking about how contracts should be designed, both in private markets and in the realm of public policy,” it added.

Professor Hart is originally from the UK and Professor Holmström hails from Finland.

holly.else@tesglobal.com

You've reached your article limit

Register to continue

Registration is free and only takes a moment. Once registered you can read a total of 6 articles each month, plus:

  • Sign up for the editor's highlights
  • Receive World University Rankings news first
  • Get job alerts, shortlist jobs and save job searches
  • Participate in reader discussions and post comments
Register

Have your say

Log in or register to post comments

Featured Jobs

PhD Position in Archaeology and Cultural History

Norwegian University Of Science & Technology -ntnu

PhD position in Energy and Process Engineering

Norwegian University Of Science & Technology -ntnu

PhD position in Electric Power Engineering

Norwegian University Of Science & Technology -ntnu

Research Assistant in Business

University Of Chichester
See all jobs

Most Commented

Doctoral study can seem like a 24-7 endeavour, but don't ignore these other opportunities, advise Robert MacIntosh and Kevin O'Gorman

Matthew Brazier illustration (9 February 2017)

How do you defeat Nazis and liars? Focus on the people in earshot, says eminent Holocaust scholar Deborah Lipstadt

Improvement, performance, rankings, success

Phil Baty sets out why the World University Rankings are here to stay – and why that's a good thing

Warwick vice-chancellor Stuart Croft on why his university reluctantly joined the ‘flawed’ teaching excellence framework

people dressed in game of thrones costume

Old Germanic languages are back in vogue, but what value are they to a modern-day graduate? Alice Durrans writes