British-born Oliver Hart and Finland’s Bengt Holmstrom won the Nobel Economics Prize on Oct. 10 for work that addresses a host of questions from how best to reward executives to whether schools and prisons should be privately owned.
Their findings on contract theory have implications for corporate governance, bankruptcy legislation and political constitutions, among other fields, said the Royal Swedish Academy of Sciences, which announced the 8 million Swedish crown ($928,000) prize.
