In the years there was Oliver Hart and Bengt Holmström who walked off with the prestigious Sveriges Riksbanks økonomipris to the memory of Alfred Nobel.
It is the Swedish academy of sciences which makes the assessment of who should win the award, which is funded by the Sveriges Riksbank.
nobel prize winner Oliver Hart at Harvard University.
They win the award for his contribution to the economic kontraktsteori. Oliver has been employed at Harvard University, while Bengt Holmström working for MIT.
– this Year’s price is about the contract. Much in our life is all about the contract, it can act on a contract with the insurance company, with a bank or with an employer, ” explains Per Strömberg of the committee.
– Contract is wide. The political constitution is a contract. It is very fundamentally, ” he says.
Brite and find won the prize
nobel prize winner Bengt Holmström at MIT.
Oliver Hart is a britiskfødt economist with american citizenship and a professor at Harvard. Hart is an expert on kontraktsteori, bedriftsteori, selskapsfinansiering and business law.
He is particularly well known for his work with eierskapsstrukturer and kontraktsstrukturer in the dividing line between the public and the private.
Bengt Holmström is a Finnish citizen and a professor at the Massachusetts Institute of Technology (MIT). His work includes research on incentives under asymmetric information (unequal information between the buyer and seller in a transaction). Holmström has otherwise focused on, among other things kontraktsteori, governance and liquidity during financial crises.
Winner: – Surprised and pleased
Both win the award for his contribution to the kontraktsteori. In its citation, type the committee that Bengt Holmström has demonstrated how shareholders should design an optimal contract for the company’s chief.
I’m really surprised and happy, ” says Holmström about the price during the press conference.
the Nobel prize for research on poverty and consumption
Oliver Hart has on his page made fundamental contributions to the theory around incomplete contracts.
“hart’s findings in incomplete contracts has thrown new light on ownership and control of companies, and has had a huge impact on a variety of fields in økonomifaget, in addition to politics and the legal field.”, write the committee on his contributions.
Worked for Nokia
During the press conference tells Holmström of the Swedish press that he did not know what he is going to use the prize money yet. The winners have since 2012 been a prissumm of eight million Swedish krona.
– It is my smallest problem, ” he says.
He has previously been a member of the board of Nokia from 1999 to 2012.
For me it has been important to be close to the business community. I began not as an academic. A small part of me has always been in the corporate world, where I became interested in the incentive programs, said Holmström during the press conference.
Oliver Hart was not available for comments during the press conference. But he tells through the committee that he is very happy to have been awarded the prize, and that he put a high price to get the price together with Holmström, who he considers as a good colleague and friend.
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