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| Nobel in Economics Awarded to Oliver Hart and Bengt Holmstrom | Nobel in Economics Awarded to Oliver Hart and Bengt Holmstrom |
| (35 minutes later) | |
| Oliver Hart and Bengt Holmstrom were awarded the Nobel Memorial Prize in Economic Science on Monday for their insights into how best to write contracts, the deals that bind together employers and their workers, or companies and their customers. | |
| Professor Hart of Harvard and Professor Holmstrom of the Massachusetts Institute of Technology have sought to show how contracts can ensure that the parties are bound by mutual interest. | Professor Hart of Harvard and Professor Holmstrom of the Massachusetts Institute of Technology have sought to show how contracts can ensure that the parties are bound by mutual interest. |
| Professor Hart, 68, was born in London. He studied at University College London, Cambridge University and Warwick University, all in England, before receiving his Ph.D. in 1974 from Princeton. He has been a professor of economics at Harvard since 1993. | Professor Hart, 68, was born in London. He studied at University College London, Cambridge University and Warwick University, all in England, before receiving his Ph.D. in 1974 from Princeton. He has been a professor of economics at Harvard since 1993. |
| Professor Holmstrom, 67, was born in Helsinki, Finland. He received his Ph.D. in 1978 from Stanford and has been a professor of economics and management at M.I.T. since 1994. He previously taught at Northwestern and Yale. | |
| ■ Yoshinori Ohsumi, a Japanese cell biologist, was awarded the Nobel Prize in Physiology or Medicine on Monday for his discoveries on how cells recycle their content, a process known as autophagy, a Greek term for “self-eating.” | ■ Yoshinori Ohsumi, a Japanese cell biologist, was awarded the Nobel Prize in Physiology or Medicine on Monday for his discoveries on how cells recycle their content, a process known as autophagy, a Greek term for “self-eating.” |
| ■ David J. Thouless, F. Duncan M. Haldane and J. Michael Kosterlitz shared the Nobel Prize in Physics on Tuesday for their research into the bizarre properties of matter in extreme states. | ■ David J. Thouless, F. Duncan M. Haldane and J. Michael Kosterlitz shared the Nobel Prize in Physics on Tuesday for their research into the bizarre properties of matter in extreme states. |
| ■ Jean-Pierre Sauvage, J. Fraser Stoddart and Bernard L. Feringa shared the Nobel Prize in Chemistry on Wednesday for development of molecular machines, the world’s smallest mechanical devices. | ■ Jean-Pierre Sauvage, J. Fraser Stoddart and Bernard L. Feringa shared the Nobel Prize in Chemistry on Wednesday for development of molecular machines, the world’s smallest mechanical devices. |
| ■ President Juan Manuel Santos of Colombia was awarded the Nobel Peace Prize on Friday for pursuing a deal to end 52 years of conflict with the Revolutionary Armed Forces of Colombia, or FARC, the longest-running war in the Americas. | ■ President Juan Manuel Santos of Colombia was awarded the Nobel Peace Prize on Friday for pursuing a deal to end 52 years of conflict with the Revolutionary Armed Forces of Colombia, or FARC, the longest-running war in the Americas. |
| Angus Deaton was awarded last year’s prize for improving the data that shape public policy, including measures of wealth and poverty, savings and consumption, health and happiness. | Angus Deaton was awarded last year’s prize for improving the data that shape public policy, including measures of wealth and poverty, savings and consumption, health and happiness. |
| The Nobel Prize in Literature will be announced on Thursday in Sweden. Read about last year’s winner, Svetlana Alexievich. | The Nobel Prize in Literature will be announced on Thursday in Sweden. Read about last year’s winner, Svetlana Alexievich. |