Oliver Hart and Bengt Holmstrom win the Nobel Prize in Economics
Stockholm, Oct 10: British-American economist Oliver Hart and Bengt Holmstrom of Finland today won the Nobel Economics Prize for their work on contract theory, the jury said.
"This year's laureates have developed contract theory, a comprehensive framework for analysing many diverse issues in contractual design like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatisation of public-sector activities," the jury said.
"What was the incentive to begin researching this area, Bengt Holmström?" https://t.co/CgrbSoS7J6
— The Nobel Prize (@NobelPrize) October 10, 2016
Holmström: if a manager’s performance pay emphasises short-term cash flow his actions may neglect the company’s long-term health #NobelPrize pic.twitter.com/KMZWu50uIl
— The Nobel Prize (@NobelPrize) October 10, 2016
Scientific background ” 2016 Prize in Economic Sci: “Oliver Hart and Bengt Holmström: Contract Theory”: https://t.co/JeXTmfKBU8 #NobelPrize
— The Nobel Prize (@NobelPrize) October 10, 2016
“My first action was to hug my wife, wake up my younger son ... and I actually spoke to my fellow Laureate” Oliver Hart #NobelPrize
— The Nobel Prize (@NobelPrize) October 10, 2016
“I woke at about 4:40 and was wondering whether it was getting too late for it to be this year, but then fortunately the phone rang” O. Hart
— The Nobel Prize (@NobelPrize) October 10, 2016
Contract theory: Should teachers, healthcare workers, and prison guards be paid fixed salaries or should their pay be performance-based?
— The Nobel Prize (@NobelPrize) October 10, 2016
Contract theory: Should teachers, healthcare workers, and prison guards be paid fixed salaries or should their pay be performance-based?
— The Nobel Prize (@NobelPrize) October 10, 2016
PTI