Harvard, MIT economists win 2016 Nobel prize

October 10, 2016 11:27 AM

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Harvard, MIT economists win 2016 Nobel prize

STOCKHOLM -- British-born Oliver Hart and Bengt Holmstrom of Finland won the Nobel prize in economics for shedding light on how contracts help people deal with conflicting interests, from CEO pay packages to whether to privatize a public service.

In announcing the award Monday, the Royal Swedish Academy of Sciences said that “the new theoretical tools created by Hart and Holmstrom are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.”

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