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Explainer: what is contract theory and why it deserved a Nobel Prize

  • Written by Hongyi Li, Lecturer in Economics, UNSW Australia
imageContract theory goes beyond analyzing deals on paper to other sorts of agreements.www.shutterstock.com

The Nobel Memorial Prize in Economic Science has just been awarded to Oliver Hart and Bengt Holmström for building the foundations of contract theory.

Contract theory is not merely the study of legally binding contracts. Broadly defined, it...

Read more: Explainer: what is contract theory and why it deserved a Nobel Prize

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