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Nobel Economics Prize Awarded to Harvard Professor, MIT Educator

Oliver Hart of Harvard University and Bengt Holmstrom of the Massachusetts Institute of Technology have been awarded the 2016 Nobel Prize in Economic Sciences. The announcement Monday by the Royal Swedish Academy of Sciences said their work in contract theory is "valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.'' "This year's laureates have developed contract theory, a comprehensive framework...

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