Oliver Hart, Bengt Holmstrom win Nobel prize in economics

AFP, Stockholm: British-American economist Oliver Hart and Bengt Holmstrom of Finland on Monday won the

Nobel Economics Prize for their work on contract theory, the jury said.
“This year’s laureates have developed contract theory, a comprehensive framework for analysing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatisation of public-sector activities,” the jury said.l