The Nobel prize in Economics was awarded to two scientists for the creation of the theory of contracts
The Nobel prize in Economics in 2016 became Oliver HART of Harvard University (USA) and Bengt Holmstrom from Finland, working at the Massachusetts Institute of technology (USA), said in a press release of the Nobel Committee. The award is awarded to scientists “for their contributions to the theory of contracts”.
68-year-old Oliver HART was born in London, 67-year-old Khol’mstrem was born in the Finnish capital, Helsinki, said in a Twitter Nobel Committee.
Scientists have developed new theoretical tools for understanding the contracts that occur in real life. Their analysis of the optimal contractual arrangements have laid the intellectual foundations for the development of policies and institutions in many areas, including bankruptcy law and the political Constitution, the statement of the Nobel Committee, quoted by RBC.
Bengt Holmström @MIT, age 67, is born in Helsinki, Finland (Photo from 2008) #NobelPrize pic.twitter.com/NL6XYiLEpr