CONGRATULATE BENGT HOLMSTRÖM, Massachusetts Institute of Technology (MIT), awarded the 2016 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, together with Oliver Hart. Through their initial contributions, Hart and Holmström launched contract theory as a fertile field of basic research. Over the last few decades, they have also explored many of its applications. Their analysis of optimal contractual arrangements lays an intellectual foundation for designing policies and ins

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