Nobel Economics Prize won by Oliver Hart and Bengt Holmstrom

A UK-born professor, who now works at Harvard University in the United States, has won the Nobel Prize in Economics. Professor Oliver Hart, 68, was awarded the prestigious accolade jointly with Bengt Holmstrom of Finland for their contributions to contract theory. "The new theoretical tools created by Hart and Holmstrom are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design," the academy said.