Oliver Hart and Bengt Holmstrom win the Nobel Prize in Economics

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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.

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"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.

PTI

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