Never miss a story

Get subscribed to our newsletter


×
Harvard University professor Oliver Hart reads congratulatory emails after winning the 2016 Nobel Prize for Economics at his home in Lexington, Massachusetts, Oct. 10, 2016.(VOA)
  • 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 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
  • The two will split the $924,000 prize. The laureates are set to officially receive the award on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896

October 12, 2016: Oliver Hart of Harvard University and Bengt Holmstrom of the Massachusetts Institute of Technology have been awarded the 2016 Nobel Prize in Economic Sciences.

NewsGram brings to you current foreign news from all over the world.


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.”

NewsGram brings to you top news around the world today.

“This year’s laureates have developed contract theory, a comprehensive framework for analyzing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatization of public-sector activities,” the jury said.


Finnish Professor Bengt Holmstrom of the Massachusetts Institute of Technology smiles as he departs a news conference after speaking to members of the media, Oct. 10, 2016, on the campus of MIT in Cambridge, Mass.(VOA)

The committee added that they analytical work establishes an “intellectual foundation” to grasp every day contracts in areas like bankruptcy legislation to political constitutions.

“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,” it said.

Check out NewsGram for latest international news updates.

The two will split the $924,000 prize. The laureates are set to officially receive the award on Dec. 10, the anniversary of prize founder Alfred Nobel’s death in 1896.

Last week, the committee also announced the Nobel prizes in medicine, physics, chemistry and the peace prize.

The final prize, for literature, will be announced Thursday.(VOA)


Popular

Kishu Inu and Dogelon Mars are some of the more popular canine coins in recent months. Their popularity is demonstrated by the vast amount of trading volume that these cryptocurrencies receive.

At the time of writing, Kishu Inu has a trading volume exceeding $10 million and Dogelon Mars has an even larger trading volume that surpasses $30 million.

Keep Reading Show less

HUH Token

It’s here, and it appears that there ain’t nothin’ or no one stopping the skyrocketing force of HUH Token and the release of the long-awaited White Paper is finally here and we’re living for it.

It’s also great to note that Shiba Inu made a triumphant crypto market return this week and the reign of the dog continues though with HUH Token’s White Paper release it could see the ‘Utimeme’ token break out of the atmosphere on its December 6th launch and surpass Shiba Inu for altcoin supremacy.

Keep Reading Show less

HUH Token

HUH Token has been on the lips of crypto lovers for some time now and the much-anticipated White Paper release is here, right now, today!

Not only this but Shiba Inu’s mastery of the altcoin world could be coming to an end on HUH Token’s December 6th release if the aims, goals and technology in the White Paper are anything to go by.

Keep reading... Show less