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October 10, 2016

Meet the Winners of 2016 Nobel Prize in Economic Sciences - Oliver Hart and Bengt Holmström

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The Royal Swedish Academy of Sciences has today announced that it is going to honor to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2016 to British-born Oliver Hart and Bengt Holmstrom of Finland. They won this award for their "contributions to contract theory, shedding light on how contracts help people deal with conflicting interests". "Their theories are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design", the committee said.

Note : The economics prize is not an original Nobel Prize. It was added to the others in 1968 by Sweden’s central bank.

The Nobel Prizes in medicine, physics, chemistry and the Nobel Peace Prize were announced last week. This year’s Nobel announcements will finish Thursday (13th October 2016) with the literature award.

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