Oliver Hart and Bengt Holmström got Nobel Prize in Economics:
Oliver Hart of Britain and Bengt Holmstrom of Finland won the Nobel Memorial Prize in Economic Sciences for their contributions to contract theory, shedding light on how contracts help people deal with conflicting interests.
The Royal Swedish Academy of Sciences said their theories “are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.”
The Nobel Prizes in medicine, physics, chemistry and the Nobel Peace Prize were announced last week. This year’s Nobel announcements will finish Thursday with the literature award.
Each award is worth 8 million kronor, or about $930,000. The laureates will collect them on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896.