(VOVworld) - Two US-based economists won the Nobel Prize in economics Monday for their analysis of contracts, work aimed at helping individuals, businesses and public bodies better assess whether the deals they strike are in their best interests.

Nobel Prize in Economics Awarded to Oliver Hart and Bengt Holmström

The Royal Swedish Academy of Sciences recognized UK-born Oliver Hart and Finland-born Bengt Holmström for their theories that have been used to look at a diverse range of issues, from the use of performance-based pay for top executives to whether a public entity should be privatized.
The winners will split an 8 million Swedish kronor ($924,000) award funded by the Swedish central bank.