Protesters outside Ukraine’s parliament mount pressure on MPs to reform lawsWorld October 19, 10:52
Russia plans to increase launches from Baikonur in 2018Science & Space October 19, 10:03
Indian warships enter Vladivostok for Indra international drillsMilitary & Defense October 19, 9:17
North Korea threatens US with 'unimaginable' strikeWorld October 19, 8:24
Moscow hopes Kiev won't use Rada protests to escalate conflict in DonbassRussian Politics & Diplomacy October 18, 19:52
Russian journalist and TV host Ksenia Sobchak says she plans to run for presidentRussian Politics & Diplomacy October 18, 19:08
Mariinsky ballet troupe waltzes across America captivating US audiencesSociety & Culture October 18, 18:51
Gazprom says more than half of Power of Siberia pipeline readyBusiness & Economy October 18, 18:23
Ukraine's special forces storming tent camp outside parliamentWorld October 18, 18:18
STOCKHOLM, October 10. /TASS/. UK-born and Finland-born Bengt scientists won the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for "their contributions to contract theory", the Royal Swedish Academy of Sciences said on Monday.
The prize worth 8 million Swedish crowns ($933,000) will be shared between Oliver Hart (Harvard University) and Bengt Holmstrom (Massachusetts Institute of Technology).
"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 academy said in a statement.
"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 academy said.
The economics prize was established by Sweden's central bank in 1968.