Nobel Prize In Economics Awarded For Work On Business Contracts04:25
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British-American economist Oliver Hart (left) and Bengt Holmstrom of Finland, are displayed on a screen during a press conference to announce the winner of the 2016 Nobel Prize in Economic Sciences at the Royal Swedish Academy of Sciences in Stockholm on Oct. 10, 2016. (Jonathan Nackstrand/AFP/Getty Images)MoreCloseclosemore
British-American economist Oliver Hart (left) and Bengt Holmstrom of Finland, are displayed on a screen during a press conference to announce the winner of the 2016 Nobel Prize in Economic Sciences at the Royal Swedish Academy of Sciences in Stockholm on Oct. 10, 2016. (Jonathan Nackstrand/AFP/Getty Images)

Oliver Hart of Harvard University and Bengt Holmström of the Massachusetts Institute of Technology were awarded the Nobel Prize in Economic Science Monday for their work on contract theory, which covers the deals between companies and their employees or customers.

Here & Now's Jeremy Hobson speaks with Robert Gibbons of the Sloan School of Management at MIT about the prize-winning work.

Guest

Robert Gibbons, distinguished professor of management and organizational economics at the Massachusetts Institute of Technology. His department tweets @MITSloan.

This segment aired on October 10, 2016.

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