Oliver Hart and Bengt Holmstrom Win 2016 Nobel Prize in Economics (Download PDF)

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Two economists Oliver Hart and Bengt Holmstrom have won the 2016 Nobel Memorial Prize in Economic Sciences at Stockholm. They got the 2016 Nobel Economics Prize for their contributions to contract theory.

  • Share 8 million kronor, or about $930,000.
  • Royal Swedish Academy of Sciences selects the Nobel Prize Winners.
  • Selected for their contributions to contract theory
  • The theory tells how contracts help people deal with conflicting interests, helping our understanding of issues like the performance-based pay for top executives, or deductibles and co-pays for insurance.
  • Their individual theories are important in understanding real-life contracts and institutions as well as potential downsides in contract design.

Oliver Hart

Image of Oliver Hart

Image of Oliver Hart

Image of Oliver Hart

  • A British- born American economist.
  • Born in 1948 in London, England, UK.
  • Holds Ph.D. from Princeton University, US.
  • Andrew E. Furer Professor of Economics at Harvard University, US.
  • Expert on contract theory, theory of the firm, corporate finance & law, and economics.

Bengt Holmstrom

Image of Bengt Holmstrom

Image of Bengt Holmstrom

Image of Bengt Holmstrom

  • Bengt Holmstrom is a Finnish economist.
  • Born in 1949 in Helsinki, Finland.
  • Holds Ph.D. from Stanford University, US.
  • Paul A. Samuelson Professor of Economics and Professor of Economics and Management at Massachusetts Institute of Technology (MIT), US.
  • Was a member of Nokia’s board of directors from 1999 to 2012.
  • Member of the board of the Aalto University.

About Nobel Memorial Prize in Economic Sciences

  • This prize is officially known as the Sveriges Riksbank Prize in Economic sciences in Memory of Alfred Nobel.
  • Sweden’s central bank in 1968 added the economic sciences prize in memory of Nobel.
  • Thus, economics award is not a Nobel Prize award as the others prizes, which were was established by Swedish industrialist Alfred Nobel.
  • Annually, Nobel Memorial Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences in the field of economic sciences.
  • The first Nobel  Memorial Prize was awarded in 1969.

2016 Nobel Prize Winners

Table contains shows Noble Prize Winners 2016

Table contains shows Noble Prize Winners 2016

Winner

Country Born

Subject Matter

David J. Thouless

Scotland

Physics (Condensed matter physics)

F. Duncan M. Haldane

United Kingdom

Physics (Condensed matter physics)

J. Michael Kosterlitz

Scotland

Physics (Condensed matter physics)

Yoshinori Ohsumi

Japan

Medicine (Autophagy)

Fraser Stoddart

Scotland

Chemistry

(Supramolecular Chemistry)

Jean-Pierre Sauvage

France

Chemistry

(Supramolecular Chemistry)

Bernard L. Feringa

Netherlands

Chemistry (Synthetic Organic Colombia)

Juan Manuel Santos

Colombia

Peace (President of Colombia)

Oliver Hart

United Kingdom

Economics (Law & Economics)

Bengt Holmstrom

Finland

Economics (Economics)

Background

  • 47 Nobel Memorial Prizes in Economic sciences have been given to 76 individual.
  • Up to 2007, 9 awards had been given for the contributions to the field of macroeconomics, more than any other category.

- Published/Last Modified on: October 10, 2016

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