Fri, Mar 24, 2017 | updated 11:19 PM IST

Oliver Hart, Bengt Holmstrom win Nobel Prize in Economics

Updated: Oct 10, 2016 16:15 IST

Sweden, Oct. 10 (ANI): The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel 2016 to Oliver Hart of Harvard and Bengt Holmstrom of Massachusetts Institute of Technology for their contributions to contract theory.

Through their initial contributions, Hart and Holmstrom launched contract theory as a fertile field of basic research.

Over the last few decades, they have also explored many of its applications. Their analysis of optimal contractual arrangements lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions.

Oliver Hart was born in London but he spent his academic career in America and is presently the Andrew E. Furer Professor of Economics at Harvard University.

Bengt Holmstrom was born in Helsinki, Finland, and is a professor of Economics and Management at Massachusetts Institute of Technology, Cambridge, USA.

The winners will split an eight million Swedish kronor (USD 924,000) award funded by the Swedish central bank. (ANI)

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Moscow [Russia], Mar. 24 (ANI): Russian President Vladimir Putin has said Kremlin is not seeking to influence the presidential race in France, but has the right to meet with representatives of the country's political parties.

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Pumped up Trump drives a truck

Updated: Mar 24, 2017 07:12 IST

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House delays health care bill to Friday

Updated: Mar 24, 2017 05:21 IST

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