Contracts May Be Boring, But They Won These 2 Men A Nobel Prize
The Nobel Prize in economics was awarded to Oliver Hart and Bengt Holmström.By Ryan Biek | October 10, 2016
The Nobel Prize in economics just went to two professors' work on contracts.
It may sound terribly boring (How many of you have actually read Apple's terms and conditions?) but Oliver Hart and Bengt Holmström's work in contract theory may affect you more than you think.
Flashing back to the late 1970s, Holmström's research dealt with the effectiveness of performance-based pay.