STOCKHOLM: British-American economist Oliver Hart and Bengt Holmstrom of Finland on Monday won the Nobel Economics Prize for their work on contract theory, the jury said. Hart, born in 1948, is an economics professor at Harvard University in the United States, while Holmstrom is a professor of economics and management at Massachusetts Institute of Technology. The economics prize is unique among the Nobel awards in that it was created by the Swedish central bank in 1968—the others were all set up through the 1895 will of Swedish inventor and philanthropist Alfred Nobel. The economics prize is the fifth of the six Nobel prizes to be announced this year. The Nobel prize consists of a diploma, a gold medal and cheque for eight million Swedish kronor (828,000 euros, $928,000), which the laureates will receive at a ceremony in Stockholm on December 10.

Source: Manila Times October 10, 2016 10:07 UTC