2016 Nobel Prize in Economics Sci. to Oliver Hart & Bengt Bengt R. Holmstrom “for their contributions to contract theory.
My first action was to hug my wife, wake up my younger son … and I actually spoke to my fellow Laureate” Oliver Hart
lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions,” the award-giving body said on announcing the 8 million Swedish crown ($928,000) prize.
Hart, 68, was born in London and studied at University College London, Cambridge University and Warwick University, before receiving his Ph.D. from Princeton. He has been a professor of economics at Harvard since 1993.
His work has helped understanding which companies should merge and the right mix of financing and when institutions such as such as schools should be privately or publicly owned, the academy said in a statement.