Two economists win Nobel for insights on setting pay, rewards
British-born Oliver Hart and Finland's Bengt Holmstrom won the Nobel Economics Prize on Monday for work that addresses a host of questions from how best to reward executives to whether schools and prisons should be privately owned.
Their findings on contract theory have implications in such areas as corporate governance, bankruptcy legislation and political constitutions, said the Royal Swedish Academy of Sciences, which announced the 8 million Swedish crown (747,681 pound) prize.
"This theory has really been incredibly important, not just for economics, but also for other social... read more
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