Contract Theory — The Prize in Economic Sciences 2016 (popular science background)
PDF · 6 pages · 245 KB
What this document is
Published as the accessible ‘popular information’ accompanying the prize announcement, the document introduces contract theory — the study of how contracts help parties with conflicting interests cooperate, share risk and regulate future actions.
It gives everyday examples such as employment, credit and insurance contracts, notes that contracts range from a single page to hundreds of pages, and outlines why Oliver Hart’s and Bengt Holmström’s work on contract design was recognised.
About this copy
This document is hosted here for reference because external sites link to a copy that previously sat on this domain. Read it in the viewer above or download the PDF. Where a document sits outside energy and utilities, this page is a neutral archive entry, not an endorsement.