The 2016 Nobel Prize in Economics (Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) has been awarded to Profs. Oliver Hart and Bengt Holmström. The announcement by the Royal Swedish Academy of Sciences, on 10 October reads: “Modern economies are held together by innumerable contracts. The new theoretical tools created by Hart and Holmström are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.” The Prize will be presented in December.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Jean Tirole “for his analysis of market power and regulation” on 13 October. Professor Tirole is chairman of the Fondation Jean-Jacques Laffont at the Toulouse School of Economics, and scientific director of the Institut d’Economie Industrielle (IDEI), Toulouse. The awarding ceremony will take place on 10 December. Read full details of the award on the Nobel Foundation site.