UK, Finland-born economists win Nobel Prize for economics

British-born Oliver Hart and Finland-born Bengt Holmstrom won the 2016 Nobel Memorial Prize in Economic Sciences for their work with contract theory.

"(Their work) lays an intellectual foundation for designing policies and institutions in many areas, from bankruptcy legislation to political constitutions," the Royal Swedish Academy of Sciences said on announcing the 8 million Swedish crown ($928,000) prize.

Hart works as economics professor at Harvard University, while Holmstrom is professor of economics and management at the Massachusetts Institute of Technology.

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