Oliver Hart and Bengt Holmstrom were on 10 October
2016 awarded the 2016 Sveriges Riksbank
Prize in Economic Sciences in Memory of Alfred Nobel for their contributiOns to contract theory. They have developed a contract theory, a
comprehensive framework for
analyzing many diverse issues in
contractual design, like performance-based pay for top executives, deductibles
and co-pays in insurance and the
privatization of public-sector activities.
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