Harvard and MIT professors win Nobel prize in economics

hart holstrom nobel prize winners economic sciences
Bengt Holmström, left, and Oliver Hart, right, share this year’s Nobel Prize in economics for their research on contract theory.

Two professors from Harvard and MIT have been awarded the Nobel Prize in economics for contributions to contract theory — the agreements that shape business, finance and public policy.

Oliver Hart, 68, a British economist teaching at Harvard, and Bengt Holmström, 67, a Finnish economist teaching at MIT, were announced as the winners Monday by the Royal Academy of Sciences in Stockholm, Sweden.

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