Oliver Hart GS '74 has been awarded the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his contributions to contract theory, according to a press release by The Nobel Foundation.
Hart was jointly awarded the prize with Bengt Holmstrom, economics professor at the Massachusetts Institute of Technology. Hart and Holmstrom will equally share the prize.
“Hart made fundamental contributions to a new branch of contract theory that deals with the important case of incomplete contracts,” The Royal Swedish Academy of Sciences said in its press release announcing the award. “Hart’s findings on incomplete contracts have shed new light on the ownership and control of businesses and have had a vast impact on several fields of economics, as well as political science and law.”
Hart earned his Ph.D. in economics from the University in 1974, and follows in the footsteps of numerous other Princeton alumni and professors in earning the Nobel prize in economics, such as John Nash, Daniel Kahneman GS '78, and Angus Deaton, who received the same award just last year. This marks the second year in a row the prize has been awarded to a University affiliate.
Currently the inaugural Andrew E. Purer Professor of Economics at Harvard University, Hart earned his B.A. in mathematics from Cambridge in 1969 and M.A. in economics from University of Warwick in 1972, along with several other honorary degrees. Hart has also taught at the London School of Economics and MIT. Among other honors, Hart is a fellow of the American Academy of Arts and Sciences, a fellow of the British Academy, and president of the American Law and Economics Association.
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