Nobel prize for Economics goes to Oliver Hart and Bengt Holmström – MIRROR ONLINE

has decided to The Academy of science in Stockholm: Oliver Hart of Harvard University, and Bengt Holmström of the Massachusetts Institute of Technology prize to get the Nobel prize in economic Sciences. They are awarded for their research on contract theory.

REUTERS/TT News Agency

The winners

Monday, 10.10.2016 12:58 PM

The Nobel prize in Economics in 2016 goes to the Economists Oliver Hart and Bengt Holmström. Scientists get the award for their contribution to the contractual theory. This was announced by the Royal Swedish Academy of Sciences in Stockholm.

The theories of the two researchers were knitting “are valuable for the understanding of treaties and institutions, as well as of the potential case at the time of contract design.” Both Economists have illuminated according to the Jury various aspects of the contract theory of the performance-related pay of managers to the deductible in the case of insurance companies, and the privatization of state tasks.

The American Oliver Hart is Professor of Economics at Harvard University. The Finn Bengt Holmström Professor at the Massachusetts Institute of Technology (mit).

On the Nobel prize Twitter Account to be described in Oliver HART’s first reaction: “I’m at 4:40 PM woke up and asked me if it was this year already too late.” But then the phone had rung. “At first, I embraced my wife, then my younger son awakened”, is Hard quotes.

Holmström was “very surprised” about the award. He was “very happy and grateful” about the award. What he wants to use the prize money of around € 830,000, which he shares with the second prize-winner Oliver Hart, he did not thought of still. “This is the last thing I think about,” said Holmström.

unlike the other awards, the Nobel prize for Economics goes back not to the will of Industrialist Alfred Nobel. The Swede had determined only that the prizes in medicine, physics, chemistry, literature and peace were awarded. The economic price of the Swedish Riksbank donated in memory of Nobel later in 1968.

In the following year the prize was awarded for the first time. Since then, especially Economists from the US have been excellent – however, in the last two years: in 2014, the Frenchman Jean Tirole got, 2015, the Jury awarded him the British-American scientist Angus Deaton.

so Far, only a German has to get the award: The Bonn game theorists Reinhard Selten was awarded to him in 1994 with two other Economists. The honor was previously only a woman: in 2006, got the American environmental Economist Elinor Ostrom, the award

The award, together with the other Nobel prizes on December 10. December, the anniversary of Nobels, awarded.

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