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.

PTI