Contributions of Oliver Hart and Bengt Holmström to Contract Theory

23 Pages Posted: 30 Jun 2017

See all articles by Klaus M. Schmidt

Klaus M. Schmidt

Ludwig Maximilian University of Munich (LMU) - Faculty of Economics; CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)

Date Written: July 2017

Abstract

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.

Keywords: Contract theory, incomplete contracts, Nobel prize, optimal incentive schemes

JEL Classification: B21, D23, D82, L20

Suggested Citation

Schmidt, Klaus M., Contributions of Oliver Hart and Bengt Holmström to Contract Theory (July 2017). The Scandinavian Journal of Economics, Vol. 119, Issue 3, pp. 489-511, 2017, Available at SSRN: https://ssrn.com/abstract=2995206 or http://dx.doi.org/10.1111/sjoe.12245

Klaus M. Schmidt (Contact Author)

Ludwig Maximilian University of Munich (LMU) - Faculty of Economics ( email )

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CESifo (Center for Economic Studies and Ifo Institute)

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Centre for Economic Policy Research (CEPR)

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United Kingdom

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