ECONOMISTS WIN NO­BEL FOR CON­TRACT THE­ORY

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

STOCK­HOLM: Bri­tish-Amer­i­can economist Oliver Hart and Bengt Holm­strom of Fin­land yes­ter­day won the No­bel Eco­nom­ics Prize for their work on con­tract the­ory. “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 public­sec­tor ac­tiv­i­ties,” the jury said. Hart teaches eco­nom­ics at Har­vard Univer­sity, while Holm­strom is with Mas­sachusetts In­sti­tute of Tech­nol­ogy. – AFP

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