Dear NBER Board Members, Researchers, and Staff -
I hope that you will join me in congratulating Research Associates
Oliver Hart and Bengt Holmström, who this morning were awarded the 2016
Nobel Memorial Prize in Economic Sciences for their path-breaking
research on contract theory. The Royal Swedish Academy of Sciences, in
announcing the prize, explained that "Hart and Holmström launched
contract theory as a fertile field of basic research. Over the last few
decades, they have also explored many of its applications. Their
analysis of optimal contractual arrangements lays an intellectual
foundation for designing policies and institutions in many areas, from
bankruptcy legislation to political constitutions." The Academy
released both a high-level summary of their contributions, which
discusses many of the applications of contract theory in various contexts:
http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2016/popular-economicsciences2016.pdf
as well as a longer summary of the scientific contributions that
underlie this award:
http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2016/advanced-economicsciences2016.pdf
Oliver Hart is the Andrew E. Furer Professor of Economics at Harvard,
and a Research Associate in the NBER's programs on Corporate Finance and
Law and Economics. He has been an NBER affiliate since 1990. Bengt
Holmström is the Paul A. Samuelson Professor of Economics at MIT, and a
Research Associate in the NBER Corporate Finance program, which he
joined in 1996. Between 1984 and 1986, he was also a Research Associate
in the Labor Studies program. Bengt and Oliver have also played an
active role in the NBER working group on Organizational Economics.
All best wishes.
Jim Poterba
Received on Mon Oct 10 2016 - 08:57:13 EDT
