Oliver Hart (born in London, UK 1948) of Harvard University and Bengst Holmström (born in Helsinki, Finland 1948) of MIT shared the 2016 Noble Prize, 'for thier contributions to contract theory'
All businesses and stake holders are bound by contracts and the theory developed by Hart and Holmström provides the framework for analysing the complicated contract design that can deliver:
Performance-based pay for top executives
Deductibles and co-pays in insurance
Privitization of public-sector activities
Video of announcement:
Announcement of the 2016 Prize in Economic Sciences by Professor Göran K. Hansson, Secretary General of the Royal Swedish Academy of Sciences, on 10 October 2016.
The source for this post came from:
More info here:
http://kva.se and http://nobelprize.org
All businesses and stake holders are bound by contracts and the theory developed by Hart and Holmström provides the framework for analysing the complicated contract design that can deliver:
Performance-based pay for top executives
Deductibles and co-pays in insurance
Privitization of public-sector activities
Video of announcement:
Announcement of the 2016 Prize in Economic Sciences by Professor Göran K. Hansson, Secretary General of the Royal Swedish Academy of Sciences, on 10 October 2016.
The source for this post came from:
More info here:
http://kva.se and http://nobelprize.org
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