Schmidt, Klaus (University of Munich)
Oliver Hart and Bengt Holmström were awarded the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their fundamental contributions to contract theory. This article offers a short summary and discussion of their path breaking work.
contract theory; nobel prize; optimal incentive schemes; incomplete contracts
B21; D23; D82; L20
The 2016 Nobel Memorial Prize in Contract Theory