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Nobel Prize

Bengt Holmström and Oliver Hart win the Nobel Prize in Economic Sciences

Bengt Holmström and Oliver Hart win the Nobel Prize in Economic Sciences

This month MIT Press authors Bengt Holmström and Oliver Hart were award the Nobel Prize for their research in contract theory. In this post, economics acquisitions editor Emily Taber reflects on how their published works help make sense of our modern world.

On October 10, 2016, Bengt Holmström was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. He became the fifth member of the MIT economics department and the latest in a long line of MIT Press authors to earn the prize.

Holmström was awarded jointly with Oliver Hart at Harvard for their work in contract theory. While they were not frequent collaborators, their individual research in this area beginning in the 1970s and 1980s set the stage for contract theory to become a significant field of study.