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MIT's Bengt Holmström, Harvard's Oliver Hart Receive 2016 Nobel Prize In Economics03:11
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Finnish Professor Bengt Holmström of the Massachusetts Institute of Technology received the Nobel Memorial Prize in Economic Sciences along with Harvard University professor Oliver Hart. The Nobel jury praised the winners "for their contributions to contract theory." (Steven Senne/AP)
Finnish Professor Bengt Holmström of the Massachusetts Institute of Technology received the Nobel Memorial Prize in Economic Sciences along with Harvard University professor Oliver Hart. The Nobel jury praised the winners "for their contributions to contract theory." (Steven Senne/AP)

Two professors based in Cambridge are now Nobel Prize winners.

Harvard's Oliver Hart and MIT's Bengt Holmström were named today as recipients of the 2016 Nobel Memorial Prize in Economic Sciences.

Hart and Holmström are being honored for their work on contract theory.

As I learned when I spoke to Holmström today, the award gives him one other thing in common with Paul Samuelson — the first American to win a Nobel in economics.

This segment aired on October 10, 2016.

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